0001437749-21-018827 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Jun. 27, 2021	Aug. 06, 2021
Document Information [Line Items]
Entity Central Index Key	0000069733
Entity Registrant Name	NATHANS FAMOUS INC
Amendment Flag	false
Current Fiscal Year End Date	--03-27
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 27, 2021
Document Transition Report	false
Entity File Number	001-35962
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-3166443
Entity Address, Address Line One	One Jericho Plaza, Second Floor – Wing A
Entity Address, City or Town	Jericho
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11753
City Area Code	516
Local Phone Number	338-8500
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	NATH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		4,114,934

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 27, 2021	Mar. 28, 2021
CURRENT ASSETS
Cash and cash equivalents (Note F)	$ 79,526	$ 81,064
Accounts and other receivables, net (Note H)	19,184	11,652
Inventories	751	624
Prepaid expenses and other current assets (Note I)	794	1,325
Total current assets	100,255	94,665
Property and equipment, net of accumulated depreciation of $10,028 and $9,779, respectively	4,015	4,090
Operating lease assets (Note R)	8,058	8,337
Goodwill	95	95
Intangible asset, net	1,128	1,156
Deferred income taxes	146	138
Other assets	323	328
Total assets	114,020	108,809
CURRENT LIABILITIES
Accounts payable	6,221	4,041
Accrued expenses and other current liabilities (Note L)	6,853	8,478
Current portion of operating lease liabilities (Note R)	1,842	1,837
Deferred franchise fees	345	237
Total current liabilities	15,261	14,593
Long-term debt, net of unamortized debt issuance costs of $2,996 and $3,169, respectively (Note Q)	147,004	146,831
Operating lease liabilities (Note R)	7,214	7,553
Other liabilities (Note L)	816	774
Deferred franchise fees	1,851	1,536
Total liabilities	172,146	171,287
COMMITMENTS AND CONTINGENCIES (Note S)
STOCKHOLDERS’ DEFICIT
Common stock, $.01 par value; 30,000,000 shares authorized; 9,369,015 shares issued; and 4,114,934 shares outstanding at June 27, 2021 and March 28, 2021, respectively	94	94
Additional paid-in capital	62,269	62,240
Accumulated deficit	(35,719)	(40,042)
Stockholders’ equity before treasury stock	26,644	22,292
Treasury stock, at cost, 5,254,081 shares at June 27, 2021 and March 28, 2021, respectively	(84,770)	(84,770)
Total stockholders’ deficit	(58,126)	(62,478)
Total liabilities and stockholders’ deficit	$ 114,020	$ 108,809

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 27, 2021	Mar. 28, 2021
Property and equipment accumulated depreciation	$ 10,028	$ 9,779
Long-term debt, unamortized debt costs	$ 2,996	$ 3,169
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)	9,369,015	9,369,015
Common stock, shares outstanding (in shares)	4,114,934	4,114,934
Treasury stock, shares (in shares)	5,254,081	5,254,081

Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
REVENUES
Revenues	$ 31,319	$ 17,686
COSTS AND EXPENSES
Cost of sales	15,365	5,297
Restaurant operating expenses	1,111	852
Depreciation and amortization	278	310
General and administrative expenses	3,458	2,844
Advertising fund expense	405	289
Total costs and expenses	20,617	9,592
Income from operations	10,702	8,094
Interest expense	(2,650)	(2,650)
Interest income	36	117
Other income, net	16	0
Income before provision for income taxes	8,104	5,561
Provision for income taxes	2,341	1,561
Net income	$ 5,763	$ 4,000
Weighted average shares used in computing income per share:
Basic (in shares)	4,115	4,120
Diluted (in shares)	4,115	4,120
Income per share:
Basic (in dollars per share)	$ 1.40	$ 0.97
Diluted (in dollars per share)	1.40	0.97
Dividends declared per share (in dollars per share)	$ 0.35	$ 0.35
Product [Member]
REVENUES
Revenues	$ 19,325	$ 6,683
License [Member]
REVENUES
Revenues	10,682	10,523
Franchise Fees and Royalties [Member]
REVENUES
Revenues	907	191
Advertising Fund Revenue [Member]
REVENUES
Revenues	$ 405	$ 289

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. 29, 2020	9,368,792			5,227,405
Balance at Mar. 29, 2020	$ 94	$ 62,130	$ (45,356)	$ (83,269)	$ (66,401)
Dividends on common stock	0	0	(1,440)	0	(1,440)
Share-based compensation	0	29	0	0	29
Net income	$ 0	0	4,000	$ 0	4,000
Repurchase of common stock (in shares)	0			26,676
Repurchase of common stock	$ 0	0	0	$ (1,501)	(1,501)
Balance (in shares) at Jun. 28, 2020	9,368,792			5,254,081
Balance at Jun. 28, 2020	$ 94	62,159	(42,796)	$ (84,770)	$ (65,313)
Balance (in shares) at Mar. 28, 2021	9,369,015			5,254,081	4,114,934
Balance at Mar. 28, 2021	$ 94	62,240	(40,042)	$ (84,770)	$ (62,478)
Dividends on common stock	0	0	(1,440)	0	(1,440)
Share-based compensation	0	29	0	0	29
Net income	$ 0	0	5,763	$ 0	$ 5,763
Balance (in shares) at Jun. 27, 2021	9,369,015			5,254,081	4,114,934
Balance at Jun. 27, 2021	$ 94	$ 62,269	$ (35,719)	$ (84,770)	$ (58,126)

- Definition

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

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Mar. 28, 2021
Cash flows from operating activities:
Net income	$ 5,763	$ 4,000
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	278	310
Non-cash rental expense	105	66
Amortization of debt issuance costs	173	173
Share-based compensation expense	29	29
Provision for doubtful accounts	0	14	$ 101
Deferred income taxes	(8)	(8)
Changes in operating assets and liabilities:
Accounts and other receivables, net	(7,532)	2,870
Inventories	(127)	(367)
Prepaid expenses and other current assets	531	77
Other assets	5	5
Accounts payable, accrued expenses and other current liabilities	395	(4,127)
Deferred franchise fees	423	(61)
Other liabilities	42	21
Net cash provided by operating activities	77	3,002
Cash flows from investing activities:
Purchase of property and equipment	(175)	(237)
Net cash used in investing activities	(175)	(237)
Cash flows from financing activities:
Dividends paid to stockholders	(1,440)	(1,440)
Repurchase of treasury stock	0	(1,501)
Net cash used in financing activities	(1,440)	(2,941)
Net decrease in cash and cash equivalents	(1,538)	(176)
Cash and cash equivalents, beginning of period	81,064	77,117	77,117
Cash and cash equivalents, end of period	79,526	76,941	$ 81,064
Cash paid during the period for:
Interest	4,969	4,969
Income taxes	$ 145	$ 349
Noncash financing activity:
Dividends declared per share (in dollars per share)	$ 0.35	$ 0.35

Note A - Basis of Presentation

3 Months Ended

Jun. 27, 2021

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 week periods ended June 27, 2021 and June 28, 2020 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 U.S. Securities and Exchange Commission.

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 28, 2021.

Our significant interim accounting policies include the recognition of advertising fund expense in proportion to advertising funds revenue.

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 28, 2021.

COVID-19 Pandemic

In March 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19), a global pandemic. The COVID-19 pandemic has had an impact on the Company’s business, financial condition, cash flows and results of operations for the thirteen weeks ended June 27, 2021 (“fiscal 2022 period”) and continues into the second quarter of fiscal 2022. Governmental restrictions and public perceptions of the risks associated with COVID-19 have caused consumers to avoid or limit nonessential travel, gatherings in public places and other social interactions, which has adversely affected, and could continue to adversely affect, our business. The COVID-19 pandemic, has and may continue to impact customer traffic at our Company-owned restaurants and franchised restaurants, as well as sales to our Branded Product Program customers. We cannot predict the ultimate duration, scope and severity of the COVID-19 pandemic or its ultimate impact on our business in the short or long-term.

Note B - Adoption of New Accounting Standard

3 Months Ended

Jun. 27, 2021

Notes to Financial Statements

Accounting Standards Update and Change in Accounting Principle [Text Block]

NOTE B – ADOPTION OF NEW ACCOUNTING STANDARD

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. The Company adopted this guidance on March 29, 2021. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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

Note C - New Accounting Standard Not Yet Adopted

3 Months Ended

Jun. 27, 2021

Notes to Financial Statements

New Accounting Pronouncements Not yet Adopted [Text Block]

NOTE C – NEW ACCOUNTING STANDARD NOT YET ADOPTED

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” 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.

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

3 Months Ended

Jun. 27, 2021

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE D – REVENUES

The Company’s disaggregated revenues for the thirteen weeks ended June 27, 2021 and June 28, 2020 are as follows (in thousands):

	Thirteen weeks ended
	June 27, 2021		June 28, 2020

Branded Products	$	15,996	$	4,749
Company-operated restaurants		3,329		1,934
Total sales		19,325		6,683

License royalties		10,682		10,523

Royalties		800		110
Franchise fees		107		81
Total franchise fees and royalties		907		191

Advertising fund revenue		405		289

Total revenues	$	31,319	$	17,686

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

	Thirteen weeks ended
	June 27, 2021		June 28, 2020

United States	$	30,601	$	17,412
International		718		274
Total revenues	$	31,319	$	17,686

Contract balances

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

	June 27, 2021		March 28, 2021
Receivables, which are included in “Accounts and other receivables, net” (a)	$	300	$	-
Deferred franchise fees (b)	$	2,196	$	1,773

(a)

Includes receivables related to “franchise fees and royalties”

(b)

Deferred franchise fees of $345 and $1,851 as of June 27, 2021 and $237 and $1,536 as of March 28, 2021 are included in Deferred franchise fees – current and long term, respectively.

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

	Thirteen weeks ended
	June 27 2021			June 28, 2020
Deferred franchise fees at beginning of period	$	1,773		$	1,917
Additions to deferred revenue		530			20
Revenue recognized during the period		(107	)		(81	)
Deferred franchise fees at end of period	$	2,196		$	1,856

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
2022 (a)	$	260
2023		319
2024		301
2025		283
2026		258
Thereafter		775
Total	$	2,196

(a)

Represents franchise fees expected to be recognized for the remainder of the 2022 fiscal year, which includes international development fees expected to be recognized over the duration of one year or less. Amount does not include $107 of franchise fee revenue recognized for the thirteen weeks ended June 27, 2021.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Note E - Income Per Share

3 Months Ended

Jun. 27, 2021

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 week periods ended June 27, 2021 and June 28, 2020, respectively.

Thirteen weeks
									Net Income
	Net Income				Number of Shares				Per Share
	2021		2020		2021		2020		2021		2021
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	5,763	$	4,000		4,115		4,120	$	1.40	$	.97
Effect of dilutive employee stock options		-		-		-		-		-		-

Diluted EPS
Diluted calculation	$	5,763	$	4,000		4,115		4,120	$	1.40	$	.97

Options to purchase 10,000 shares of common stock in the thirteen week periods ended June 27, 2021 and June 28, 2020 were not included in the computation of diluted EPS because the exercise price exceeded the average market price of common shares during these periods.

Note F - Cash and Cash Equivalents

3 Months Ended

Jun. 27, 2021

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. The Company did not have any cash equivalents at June 27, 2021 and March 28, 2021.

At June 27, 2021 and March 28, 2021, substantially all of the Company’s cash balances are in excess of Federal government insurance limits. The Company does not believe that it is exposed to any significant risk on these balances.

Note G - Fair Value Measurements

3 Months Ended

Jun. 27, 2021

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

●

Level 2 - 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 3 - 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 June 27, 2021 and March 28, 2021 were as follows (in thousands):

	June 27, 2021				March 28, 2021
	Face value		Fair value		Face Value		Fair value

Long-term debt	$	150,000	$	154,505	$	150,000	$	154,420

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 2.

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 June 27, 2021 no 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

3 Months Ended

Jun. 27, 2021

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):

	June 27,		March 28,
	2021		2021

Branded product sales	$	12,155	$	6,480
Franchise and license royalties		6,108		5,224
Other		1,185		293
		19,448		11,997

Less: allowance for doubtful accounts		264		345
Accounts and other receivables, net	$	19,184	$	11,652

Accounts receivable are due within 30 days and are stated at amounts due from franchisees, virtual or “ghost” kitchens, 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 thirteen week period ended June 27, 2021 and the fiscal year ended March 28, 2021 are as follows (in thousands):

	June 27, 2021			March 28, 2021

Beginning balance	$	345		$	237
Bad debt expense		-			101
Write offs and other		(81	)		7
Ending balance	$	264		$	345

Note I - Prepaid Expenses and Other Current Assets

3 Months Ended

Jun. 27, 2021

Notes to Financial Statements

Other Current Assets [Text Block]

NOTE I – PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consist of the following (in thousands):

	June 27,		March 28,
	2021		2021

Income taxes	$	-	$	280
Real estate taxes		137		87
Insurance		322		388
Marketing		108		196
Other		227		374
Total prepaid expenses and other current assets	$	794	$	1,325

Note J - Goodwill and Intangible Assets

3 Months Ended

Jun. 27, 2021

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE J - GOODWILL AND INTANGIBLE ASSETS

The Company has continued to monitor the economic uncertainty as a result of COVID-19 and has determined that the impact of COVID-19 was a triggering event that required the Company to perform a quantitative interim goodwill impairment test. Based on the quantitative test performed, management determined that the Company’s goodwill has not been impaired as of June 27, 2021 and, as a result, no impairment charge was recorded for the thirteen week periods ended June 27, 2021 and June 28, 2020.

The Company’s definite-lived intangible asset consists of trademarks, tradenames and other intellectual property in connection with its Arthur Treacher’s co-branding agreements. The Company reviews its definite-lived intangible asset for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The Company determined that the impact of COVID-19 on its business was a sufficient indicator that the carrying value may not be recoverable. The Company tested for recoverability of its definite-lived intangible asset based on the projected undiscounted cash flows to be derived from such co-branding agreements, which has a remaining useful life based upon the term of its agreements. Based on the quantitative test performed, the Company determined that the definite-lived intangible asset was recoverable and no impairment charge was recorded for the thirteen week periods ended June 27, 2021 and June 28, 2020.

Note K - Long Lived Assets

3 Months Ended

Jun. 27, 2021

Notes to Financial Statements

Asset Impairment Charges [Text Block]

NOTE K - LONG LIVED ASSETS

Long-lived assets on a restaurant-by-restaurant basis are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable.

Long-lived assets include property, equipment and right of use assets for operating leases with finite useful lives. Assets are grouped at the individual restaurant level which represents the lowest level for which cash flows can be identified largely independent of the cash flows of other assets and liabilities. The Company generally considers a history of restaurant operating losses to be its primary indicator of potential impairment for individual restaurant locations. As a result of the impact of the COVID-19 pandemic on its business, the Company determined that sufficient indicators existed to trigger the performance of an interim impairment analysis as of June 27, 2021.

The Company tests for recoverability based on the projected undiscounted cash flows to be derived from such assets. If the projected undiscounted future cash flows are less than the carrying value of the asset, the Company will record on a restaurant-by-restaurant basis, an impairment loss, if any, based on the difference between the estimated fair value and the carrying value of the asset. The Company generally measures fair value by considering discounted estimated future cash flows from such assets. Cash flow projections and fair value estimates require significant estimates and assumptions by management. Should the estimates and assumptions prove to be incorrect, the Company may be required to record impairments in future periods and such impairments could be material. As a result of the Company’s analysis, no long-lived assets were deemed to be permanently impaired as of June 27, 2021 and June 28, 2020.

Note L - Accrued Expenses, Other Current Liabilities and Other Liabilities

3 Months Ended

Jun. 27, 2021

Notes to Financial Statements

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

NOTE L – ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES

Accrued expenses and other current liabilities consist of the following (in thousands):

	June 27,		March 28,
	2021		2021
Payroll and other benefits	$	1,404	$	2,793
Accrued rebates		458		132
Rent and occupancy costs		302		73
Deferred revenue		476		841
Construction costs		55		60
Interest		1,565		4,057
Professional fees		218		200
Sales, use and other taxes		96		60
Corporate income taxes		1,882		-
Other		397		262
Total accrued expenses and other current liabilities	$	6,853	$	8,478

Other liabilities consist of the following (in thousands):

	June 27,		March 28,
	2021		2021
Reserve for uncertain tax positions	$	695	$	653
Other		121		121
Total other liabilities	$	816	$	774

Note M - Income Taxes

3 Months Ended

Jun. 27, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE M – INCOME TAXES

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (the “CARES Act”) was enacted into law which among other provisions increases the limitation on the allowed business interest expense deduction from 30 percent to 50 percent of adjusted taxable income for tax years beginning January 1, 2019 and 2020. Additionally, the CARES Act allows businesses to immediately expense the full cost of Qualified Improvement Property, retroactive to tax years beginning on or after January 1, 2018.

The income tax provisions for the thirteen week periods ended June 27, 2021 and June 28, 2020 reflect effective tax rates of 28.9% and 28.1%, respectively.

The amount of unrecognized tax benefits at June 27, 2021 was $422,000 all of which would impact Nathan’s effective tax rate, if recognized. As of June 27, 2021, Nathan’s had $282,000 of accrued interest and penalties in connection with unrecognized tax benefits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Note N - Segment Information

3 Months Ended

Jun. 27, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE N – 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 hot dogs, 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 the sale of our products at Company-owned restaurants and earns fees and royalties from its franchised restaurants, including its virtual or “ghost” kitchens.

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 and compliance costs and expenses of the advertising fund.

Interest expense, interest income, 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
	June 27, 2021			June 28, 2020

Revenues
Branded Product Program	$	15,996		$	4,749
Product licensing		10,682			10,523
Restaurant operations		4,236			2,125
Corporate (1)		405			289
Total revenues	$	31,319		$	17,686

Income from operations
Branded Product Program	$	2,254		$	272
Product licensing		10,637			10,477
Restaurant operations		(2	)		(893	)
Corporate		(2,187	)		(1,762	)
Income from operations	$	10,702		$	8,094

Interest expense		(2,650	)		(2,650	)
Interest income		36			117
Other income, net		16			-
Income before provision for income taxes	$	8,104		$	5,561

(1) Represents advertising fund revenue

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Note O - Share-based Compensation

3 Months Ended

Jun. 27, 2021

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

NOTE O – SHARE-BASED COMPENSATION

Total share-based compensation during the thirteen week periods ended June 27, 2021 and June 28, 2020 was $29,000. Total share-based compensation is included in general and administrative expenses in our accompanying Consolidated Statements of Earnings. As of June 27, 2021, there was $25,000 of unamortized compensation expense related to share-based incentive awards. We expect to recognize this expense over approximately two 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
	June 27, 2021		June 28, 2020

Stock options	$	21	$	21
Restricted stock		8		8
Total compensation cost	$	29	$	29

Stock options:

There were no new share-based awards granted during the thirteen week period ended June 27, 2021.

Transactions with respect to stock options for the thirteen weeks ended June 27, 2021 are as follows:

Weighted-

Aggregate

Average

Intrinsic

Exercise

Remaining

Value

Price

Contractual Life

(in thousands)

Options outstanding at March 28, 2021

10,000

89.90

2.46

Granted

Exercised

Options outstanding at June 27, 2021

10,000

89.90

2.21

Options exercisable at June 27, 2021

6,667

89.90

2.21

Restricted stock:

Transactions with respect to restricted stock for the thirteen weeks ended June 27, 2021 are as follows:

			Weighted-
			Average
			Grant-date Fair value
	Shares		Per share
Unvested restricted stock at March 28, 2021		333	$	89.90
Granted		-		-
Vested		-		-
Unvested restricted stock at June 27, 2021		333	$	89.90

Note P - Stockholders' Equity

3 Months Ended

Jun. 27, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE P – STOCKHOLDERS’ EQUITY

1.	Dividends

Effective June 11, 2021, the Board declared its first quarterly cash dividend of $0.35 per share for fiscal year 2022, aggregating $1,440,000, which was paid on June 25, 2021 to stockholders of record as of the close of business on June 21, 2021.

Effective August 6, 2021, the Board declared its second quarterly cash dividend of $0.35 per share for fiscal year 2022 payable on September 3, 2021 to stockholders of record as of the close of business on August 23, 2021.

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 Q). 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 18, 2019, the Company’s shareholders approved the Nathan’s Famous, Inc. 2019 Stock Incentive Plan (the “2019 Plan”). The 2019 Plan became effective as of July 1, 2020 (the "Effective Date"). Following the Effective Date, (i) no additional stock awards were granted under the 2010 Stock Incentive Plan (the “2010 Plan”) and (ii) all outstanding stock awards previously granted under the 2010 Plan remained subject to the terms of the 2010 Plan. All awards granted on or after the Effective Date are subject to the terms of the 2019 Plan.

As of the Effective Date, we were able to issue up to: (a) 369,584 shares of common stock under the 2019 Plan which includes: (i) shares that had been authorized but not issued pursuant to the 2010 Plan as of the Effective Date 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 the Effective Date and that subsequently expired unexercised, or were otherwise forfeited, up to a maximum of an additional 11,000 shares. As of June 27, 2021, 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 2019 Plan.

3.	Stock Repurchase Programs

During the period from October 2001 through June 27, 2021, Nathan’s purchased 5,254,081 shares of common stock at a cost of $84,770,000 pursuant to various stock repurchase plans previously authorized by the Board of Directors. During the thirteen week period ended June 27, 2021, 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 June 27, 2021, Nathan’s had repurchased 1,066,450 shares at a cost of $37,108,000 under the sixth stock repurchase plan. At June 27, 2021 there were 133,550 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.

On March 13, 2020, the Company’s Board of Directors approved a 10b5-1 stock plan (the “10b5-1 Plan”) which expired on August 12, 2020. During the fiscal 2021 period, the Company repurchased in open market transactions 26,676 shares of the Company’s common stock at an average share price of $56.26 for a total cost of $1,501,000 under the 10b5-1 Plan.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Note Q - Long-term Debt

3 Months Ended

Jun. 27, 2021

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE Q – LONG-TERM DEBT

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

	June 27,			March 28,
	2021			2021

6.625% Senior Secured Notes due 2025	$	150,000		$	150,000
Less: unamortized debt issuance costs		(2,996	)		(3,169	)
Long-term debt, net	$	147,004		$	146,831

On November 1, 2017, the Company issued $150,000,000 of 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 of 10.000% Senior Secured Notes due 2020 and redeem the 2020 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^st and November 1^st of each year. On May 1, 2021 the Company paid its first semi-annual interest payment of fiscal 2022.

The 2025 Notes have no scheduled principal amortization payments prior to its final maturity on November 1, 2025.

The terms and conditions of the 2025 Notes are as follows (terms not defined shall have the meanings set forth in the Indenture):

There are no ongoing financial maintenance covenants associated with the 2025 Notes. As of June 27, 2021, 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 to 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 to 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 to 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.

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 collateralized 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.

Effective June 1, 2020, Nathan’s Board of Directors authorized the repurchase of up to $10,000,000 of the 2025 Notes by the Company (at a price equal to or less than par) from time to time. There is no set time limit on the repurchases.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Note R - Leases

3 Months Ended

Jun. 27, 2021

Notes to Financial Statements

Leases, Disclosure [Text Block]

NOTE R – 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.

Company as lessee

The components of the net lease cost for the thirteen week periods ended June 27, 2021 and June 28, 2020 were as follows (in thousands):

	Thirteen weeks ended
	June 27, 2021			June 28, 2020
Statement of Earnings
Operating lease cost	$	432		$	415
Short term lease cost		-			-
Variable lease cost		442			338
Less: Sublease income, net		(16	)		-

Total net lease cost (a)	$	858		$	753

(a)

the thirteen week periods ended June 27, 2021 and June 28, 2020 include $700 and $579, net recorded to “Restaurant Operating Expenses” for leases for Company-operated restaurants, $174 and $174 recorded to “General and administrative expenses” for leases for corporate offices and equipment, and $16 and $- 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):

	Thirteen weeks ended
	June 27, 2021		June 28, 2020

Operating cash flows from operating leases	$	174	$	205

The weighted average remaining lease term and weighted-average discount rate for operating leases as of June 27, 2021 were as follows:

Weighted average remaining lease term (years):
Operating leases	6.9

Weighted average discount rate:
Operating leases	8.876	%

Future lease commitments to be paid and received by the Company as of June 27, 2021 were as follows (in thousands):

	Payments		Receipts
	Operating Leases		Subleases		Net Leases

Fiscal year:
2022 (a)	$	1,298	$	171	$	1,127
2023		1,849		168		1,681
2024		1,774		169		1,605
2025		1,678		169		1,509
2026		1,712		169		1,543
Thereafter		3,762		183		3,579
Total lease commitments	$	12,073	$	1,029	$	11,044
Less: Amount representing interest		3,017
Present value of lease liabilities (b)	$	9,056

(a)

Represents future lease commitments to be paid and received by the Company for the remainder of the 2022 fiscal year. Amount does not include $457 of lease commitments paid and received by the Company for the thirteen week period ended June 27, 2021.

(b)

The present value of minimum operating lease payments of $1,842 and $7,214 are included in “Current portion of operating lease liabilities” and “Long-term operating lease liabilities,” respectively on the Consolidated Balance Sheet.

Company as lessor

The components of lease income for the thirteen week periods ended June 27, 2021 and June 28, 2020 were as follows (in thousands):

	Thirteen weeks ended
	June 27, 2021		June 28, 2020

Operating lease income, net	$	16	$	-

Note S - Commitments and Contingencies

3 Months Ended

Jun. 27, 2021

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE S – 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. 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. As of June 27, 2021, Nathan’s has recorded a liability of $113,000 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.

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 T - Subsequent Events

3 Months Ended

Jun. 27, 2021

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE T – SUBSEQUENT EVENTS

The Company evaluated subsequent events through the date the Consolidated Financial Statements were issued and filed with the U.S. Securities and Exchange Commission. There were no subsequent events that required recognition or disclosure.

Note D - Revenues (Tables)

3 Months Ended

Jun. 27, 2021

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Thirteen weeks ended
	June 27, 2021		June 28, 2020

Branded Products	$	15,996	$	4,749
Company-operated restaurants		3,329		1,934
Total sales		19,325		6,683

License royalties		10,682		10,523

Royalties		800		110
Franchise fees		107		81
Total franchise fees and royalties		907		191

Advertising fund revenue		405		289

Total revenues	$	31,319	$	17,686

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

	Thirteen weeks ended
	June 27, 2021		June 28, 2020

United States	$	30,601	$	17,412
International		718		274
Total revenues	$	31,319	$	17,686

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

	June 27, 2021		March 28, 2021
Receivables, which are included in “Accounts and other receivables, net” (a)	$	300	$	-
Deferred franchise fees (b)	$	2,196	$	1,773

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

	Thirteen weeks ended
	June 27 2021			June 28, 2020
Deferred franchise fees at beginning of period	$	1,773		$	1,917
Additions to deferred revenue		530			20
Revenue recognized during the period		(107	)		(81	)
Deferred franchise fees at end of period	$	2,196		$	1,856

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

	Estimate for fiscal year
2022 (a)	$	260
2023		319
2024		301
2025		283
2026		258
Thereafter		775
Total	$	2,196

Note E - Income Per Share (Tables)

3 Months Ended

Jun. 27, 2021

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

Thirteen weeks
									Net Income
	Net Income				Number of Shares				Per Share
	2021		2020		2021		2020		2021		2021
	(in thousands)				(in thousands)
Basic EPS
Basic calculation	$	5,763	$	4,000		4,115		4,120	$	1.40	$	.97
Effect of dilutive employee stock options		-		-		-		-		-		-

Diluted EPS
Diluted calculation	$	5,763	$	4,000		4,115		4,120	$	1.40	$	.97

Note G - Fair Value Measurements (Tables)

3 Months Ended

Jun. 27, 2021

Notes Tables

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

	June 27, 2021				March 28, 2021
	Face value		Fair value		Face Value		Fair value

Long-term debt	$	150,000	$	154,505	$	150,000	$	154,420

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

3 Months Ended

Jun. 27, 2021

Notes Tables

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

	June 27,		March 28,
	2021		2021

Branded product sales	$	12,155	$	6,480
Franchise and license royalties		6,108		5,224
Other		1,185		293
		19,448		11,997

Less: allowance for doubtful accounts		264		345
Accounts and other receivables, net	$	19,184	$	11,652

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

	June 27, 2021			March 28, 2021

Beginning balance	$	345		$	237
Bad debt expense		-			101
Write offs and other		(81	)		7
Ending balance	$	264		$	345

Note I - Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Jun. 27, 2021

Notes Tables

Schedule of Other Current Assets [Table Text Block]

	June 27,		March 28,
	2021		2021

Income taxes	$	-	$	280
Real estate taxes		137		87
Insurance		322		388
Marketing		108		196
Other		227		374
Total prepaid expenses and other current assets	$	794	$	1,325

Note L - Accrued Expenses, Other Current Liabilities and Other Liabilities (Tables)

3 Months Ended

Jun. 27, 2021

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	June 27,		March 28,
	2021		2021
Payroll and other benefits	$	1,404	$	2,793
Accrued rebates		458		132
Rent and occupancy costs		302		73
Deferred revenue		476		841
Construction costs		55		60
Interest		1,565		4,057
Professional fees		218		200
Sales, use and other taxes		96		60
Corporate income taxes		1,882		-
Other		397		262
Total accrued expenses and other current liabilities	$	6,853	$	8,478

Schedule of Other Assets and Other Liabilities [Table Text Block]

	June 27,		March 28,
	2021		2021
Reserve for uncertain tax positions	$	695	$	653
Other		121		121
Total other liabilities	$	816	$	774

Note N - Segment Information (Tables)

3 Months Ended

Jun. 27, 2021

Notes Tables

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

	Thirteen weeks ended
	June 27, 2021			June 28, 2020

Revenues
Branded Product Program	$	15,996		$	4,749
Product licensing		10,682			10,523
Restaurant operations		4,236			2,125
Corporate (1)		405			289
Total revenues	$	31,319		$	17,686

Income from operations
Branded Product Program	$	2,254		$	272
Product licensing		10,637			10,477
Restaurant operations		(2	)		(893	)
Corporate		(2,187	)		(1,762	)
Income from operations	$	10,702		$	8,094

Interest expense		(2,650	)		(2,650	)
Interest income		36			117
Other income, net		16			-
Income before provision for income taxes	$	8,104		$	5,561

Note O - Share-based Compensation (Tables)

3 Months Ended

Jun. 27, 2021

Notes Tables

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

	Thirteen weeks ended
	June 27, 2021		June 28, 2020

Stock options	$	21	$	21
Restricted stock		8		8
Total compensation cost	$	29	$	29

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

Weighted-

Aggregate

Average

Intrinsic

Exercise

Remaining

Value

Price

Contractual Life

(in thousands)

Options outstanding at March 28, 2021

10,000

89.90

2.46

Granted

Exercised

Options outstanding at June 27, 2021

10,000

89.90

2.21

Options exercisable at June 27, 2021

6,667

89.90

2.21

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

			Weighted-
			Average
			Grant-date Fair value
	Shares		Per share
Unvested restricted stock at March 28, 2021		333	$	89.90
Granted		-		-
Vested		-		-
Unvested restricted stock at June 27, 2021		333	$	89.90

Note Q - Long-term Debt (Tables)

3 Months Ended

Jun. 27, 2021

Notes Tables

Schedule of Debt [Table Text Block]

	June 27,			March 28,
	2021			2021

6.625% Senior Secured Notes due 2025	$	150,000		$	150,000
Less: unamortized debt issuance costs		(2,996	)		(3,169	)
Long-term debt, net	$	147,004		$	146,831

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 R - Leases (Tables)

3 Months Ended

Jun. 27, 2021

Notes Tables

Lease, Cost [Table Text Block]

	Thirteen weeks ended
	June 27, 2021			June 28, 2020
Statement of Earnings
Operating lease cost	$	432		$	415
Short term lease cost		-			-
Variable lease cost		442			338
Less: Sublease income, net		(16	)		-

Total net lease cost (a)	$	858		$	753

Leases, Cash Flows [Table Text Block]

	Thirteen weeks ended
	June 27, 2021		June 28, 2020

Operating cash flows from operating leases	$	174	$	205

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

Weighted average remaining lease term (years):
Operating leases	6.9

Weighted average discount rate:
Operating leases	8.876	%

Operating Lease, Maturity [Table Text Block]

	Payments		Receipts
	Operating Leases		Subleases		Net Leases

Fiscal year:
2022 (a)	$	1,298	$	171	$	1,127
2023		1,849		168		1,681
2024		1,774		169		1,605
2025		1,678		169		1,509
2026		1,712		169		1,543
Thereafter		3,762		183		3,579
Total lease commitments	$	12,073	$	1,029	$	11,044
Less: Amount representing interest		3,017
Present value of lease liabilities (b)	$	9,056

Operating Lease, Lease Income [Table Text Block]

	Thirteen weeks ended
	June 27, 2021		June 28, 2020

Operating lease income, net	$	16	$	-

Note D - Revenues 1 (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Mar. 28, 2021
Contract with Customer, Liability, Current	$ 345		$ 237
Contract with Customer, Liability, Noncurrent	1,851		$ 1,536
Contract with Customer, Liability, Revenue Recognized	$ 107	$ 81

Note D - Revenues 2 (Details Textual)	Jun. 27, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-06-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	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)	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)	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 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-03-31
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-03-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year

Note D - Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Revenues	$ 31,319	$ 17,686
Branded Products [Member]
Revenues	15,996	4,749
Company-operated Restaurants [Member]
Revenues	3,329	1,934
Product [Member]
Revenues	19,325	6,683
License [Member]
Revenues	10,682	10,523
Royalty [Member]
Revenues	800	110
Franchise [Member]
Revenues	107	81
Franchise Fees and Royalties [Member]
Revenues	907	191
Advertising Fund Revenue [Member]
Revenues	$ 405	$ 289

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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+ Details

Note D - Revenues - Revenues by Geographical Market (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Revenues	$ 31,319	$ 17,686
UNITED STATES
Revenues	30,601	17,412
Non-US [Member]
Revenues	$ 718	$ 274

- Definition

+ References

+ Details

Note D - Revenues - Contract Liabilities From Contracts With Customers (Details) - USD ($)
$ in Thousands

Jun. 27, 2021

Mar. 28, 2021

Receivables, which are included in “Accounts and other receivables, net” (a)

^[1]

$ 300

$ 0

Deferred franchise fees (b)

^[2]

$ 2,196

$ 1,773

[1]	Includes receivables related to "franchise fees and royalties"
[2]	Deferred franchise fees of $345 and $1,851 as of June 27, 2021 and $237 and $1,536 as of March 28, 2021 are included in Deferred franchise fees – current and long term, respectively.

Note D - Revenues - Significant Changes in Deferred Franchise Fees (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Deferred franchise fees at beginning of period	$ 1,773	$ 1,917
Additions to deferred revenue	530	20
Revenue recognized during the period	(107)	(81)
Deferred franchise fees at end of period	$ 2,196	$ 1,856

Note D - Revenues - Remaining Performance Obligations (Details) $ in Thousands	Jun. 27, 2021 USD ($)
Revenue, Remaining Performance Obligation, Amount	$ 2,196

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

Jun. 27, 2021

USD ($)

Revenue, Remaining Performance Obligation, Amount

$ 2,196

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-06-28

Revenue, Remaining Performance Obligation, Amount

260

^[1]

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

Revenue, Remaining Performance Obligation, Amount

319

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

Revenue, Remaining Performance Obligation, Amount

301

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

Revenue, Remaining Performance Obligation, Amount

283

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-03-31

Revenue, Remaining Performance Obligation, Amount

258

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-03-30

Revenue, Remaining Performance Obligation, Amount

$ 775

[1]

Represents franchise fees expected to be recognized for the remainder of the 2022 fiscal year, which includes international development fees expected to be recognized over the duration of one year or less. Amount does not include $107 of franchise fee revenue recognized for the thirteen weeks ended June 27, 2021.

Note E - Income Per Share (Details Textual) - shares	3 Months Ended
Note E - Income Per Share (Details Textual) - shares	Jun. 27, 2021	Jun. 28, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	10,000	10,000

Note E - Income Per Share - Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Net income, basic calculation	$ 5,763	$ 4,000
Number of shares, basic calculation (in shares)	4,115	4,120
Net income per share, basic calculation (in dollars per share)	$ 1.40	$ 0.97
Effect of dilutive employee stock options (in shares)	0	0
Effect of dilutive employee stock options (in dollars per share)	$ 0	$ 0
Net income, diluted calculation	$ 5,763	$ 4,000
Number of shares, diluted calculation (in shares)	4,115	4,120
Net income per share, diluted calculation (in dollars per share)	$ 1.40	$ 0.97

- 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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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Note F - Cash and Cash Equivalents (Details Textual) - USD ($) $ in Thousands	Jun. 27, 2021	Mar. 28, 2021
Cash Equivalents, at Carrying Value, Total	$ 0	$ 0

Note G - Fair Value Measurements - Face Value and Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 27, 2021	Mar. 28, 2021
Long-term debt, face value	$ 150,000	$ 150,000
Long-term debt, fair value	$ 154,505	$ 154,420

Note H - Accounts and Other Receivables, Net (Details Textual)	3 Months Ended
	Jun. 27, 2021
Accounts Receivable Payment Terms (Day)	30 days

Note H - Accounts and Other Receivables, Net - Summary of Accounts and Other Receivables (Details) - USD ($) $ in Thousands	Jun. 27, 2021	Mar. 28, 2021	Mar. 29, 2020
Accounts receivable, gross, current	$ 19,448	$ 11,997
Less: allowance for doubtful accounts	264	345	$ 237
Accounts and other receivables, net	19,184	11,652
Branded Product Sales [Member]
Accounts receivable, gross, current	12,155	6,480
Franchise and License Royalties [Member]
Accounts receivable, gross, current	6,108	5,224
Other Receivables [Member]
Accounts receivable, gross, current	$ 1,185	$ 293

Note H - Accounts and Other Receivables, Net - Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Mar. 28, 2021
Beginning balance	$ 345	$ 237	$ 237
Bad debt expense	0	$ 14	101
Write offs and other	(81)		7
Ending balance	$ 264		$ 345

Note I - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 27, 2021	Mar. 28, 2021
Income taxes	$ 0	$ 280
Real estate taxes	137	87
Insurance	322	388
Marketing	108	196
Other	227	374
Total prepaid expenses and other current assets	$ 794	$ 1,325

Note J - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Goodwill, Impairment Loss	$ 0	$ 0
Impairment of Intangible Assets, Finite-lived	$ 0	$ 0

Note K - Long Lived Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Impairment, Long-Lived Asset, Held-for-Use, Total	$ 0	$ 0

Note L - Accrued Expenses, Other Current Liabilities and Other Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 27, 2021	Mar. 28, 2021
Payroll and other benefits	$ 1,404	$ 2,793
Accrued rebates	458	132
Rent and occupancy costs	302	73
Construction costs	55	60
Interest	1,565	4,057
Professional fees	218	200
Sales, use and other taxes	96	60
Corporate income taxes	1,882	0
Other	397	262
Total accrued expenses and other current liabilities	6,853	8,478
Deferred Franchise Fees And Other Deferred Revenue [Member]
Deferred revenue	$ 476	$ 841

Note L - Accrued Expenses, Other Current Liabilities and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 27, 2021	Mar. 28, 2021
Reserve for uncertain tax positions	$ 695	$ 653
Other	121	121
Total other liabilities	$ 816	$ 774

Note M - Income Taxes (Details Textual) - USD ($)	3 Months Ended
Note M - Income Taxes (Details Textual) - USD ($)	Jun. 27, 2021	Jun. 28, 2020
Effective Income Tax Rate Reconciliation, Percent, Total	28.90%	28.10%
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 422,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	$ 282,000

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

3 Months Ended

Jun. 27, 2021

Jun. 28, 2020

Revenues

$ 31,319

$ 17,686

Income from operations

10,702

8,094

Interest expense

(2,650)

Interest income

117

Other income, net

Income before provision for income taxes

8,104

5,561

Corporate, Non-Segment [Member]

Revenues

^[1]

405

289

Income from operations

(2,187)

(1,762)

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

Revenues

15,996

4,749

Income from operations

2,254

272

Product Licensing [Member] | Operating Segments [Member]

Revenues

10,682

10,523

Income from operations

10,637

10,477

Restaurant Operations [Member] | Operating Segments [Member]

Revenues

4,236

2,125

Income from operations

$ (2)

$ (893)

[1]	Represents advertising fund revenue

Note O - Share-based Compensation (Details Textual) - USD ($)	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Share-based Payment Arrangement, Expense	$ 29,000	$ 29,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 25,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month)	2 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)	0

Note O - Share-based Compensation - Compensation Cost Charged to Expense Under All Stock-based Incentive Awards (Details) - USD ($)	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Share-based compensation expense	$ 29,000	$ 29,000
Share-based Payment Arrangement, Option [Member]
Share-based compensation expense	21,000	21,000
Restricted Stock [Member]
Share-based compensation expense	$ 8,000	$ 8,000

Note O - Share-based Compensation - Outstanding Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 27, 2021	Mar. 28, 2021
Options outstanding (in shares)	10,000
Options outstanding, weighted average exercise price (in dollars per share)	$ 89.90
Options outstanding, weighted average remaining contractual life (Year)	2 years 2 months 15 days	2 years 5 months 15 days
Options granted (in shares)	0
Granted, weighted average exercise price (in dollars per share)	$ 0
Options exercised (in shares)	0
Exercised, weighted average exercise price (in dollars per share)	$ 0
Exercised, aggregate intrinsic value	$ 0
Options outstanding (in shares)	10,000	10,000
Options outstanding, weighted average exercise price (in dollars per share)	$ 89.90	$ 89.90
Options outstanding, aggregate intrinsic value	$ 0
Options exercisable (in shares)	6,667
Options exercisable, weighted average exercise price (in dollars per share)	$ 89.90
Options exercisable, weighted average remaining contractual life (Year)	2 years 2 months 15 days
Options exercisable, aggregate intrinsic value	$ 0

Note O - Share-based Compensation - Transactions With Respect to Restricted Stock (Details) - Restricted Stock [Member]	3 Months Ended
	Jun. 27, 2021 $ / shares shares
Unvested restricted stock, Shares (in shares) \| shares	333
Unvested restricted stock, weighted average grant date fair value per share (in dollars per share) \| $ / shares	$ 89.90
Granted, Shares (in shares) \| shares	0
Granted, weighted average grant date fair value per share (in dollars per share) \| $ / shares	$ 0
Vested, Shares (in shares) \| shares	0
Vested, weighted average grant date fair value per share (in dollars per share) \| $ / shares	$ 0
Unvested restricted stock, ending balance (in shares) \| shares	333
Unvested restricted stock, weighted average grant date fair value per share (in dollars per share) \| $ / shares	$ 89.90

Note P - Stockholders' Equity (Details Textual) - USD ($)				3 Months Ended		64 Months Ended	237 Months Ended
	Aug. 06, 2021	Jun. 25, 2021	Jun. 11, 2021	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 27, 2021	Sep. 18, 2019	Mar. 11, 2016
Common Stock, Dividends, Per Share, Declared (in dollars per share)			$ 0.35	$ 0.35	$ 0.35
Payments of Ordinary Dividends, Common Stock		$ 1,440,000
Treasury Stock, Shares, Acquired (in shares)							5,254,081
Treasury Stock, Value, Acquired, Cost Method					$ 1,501,000		$ 84,770,000
Sixth Stock Repurchase Plan [Member]
Treasury Stock, Shares, Acquired (in shares)						1,066,450
Treasury Stock, Value, Acquired, Cost Method						$ 37,108,000
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares)									1,200,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)				133,550		133,550	133,550
Repurchase Program [Member]
Treasury Stock, Shares, Acquired (in shares)				26,676
Treasury Stock, Value, Acquired, Cost Method				$ 1,501,000
Treasury Stock Acquired, Average Cost Per Share (in dollars per share)				$ 56.26
The 2019 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)								369,584
The 2019 Stock Incentive Plan [Member] \| Shares Expired or Forfeited up to 100000 Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)								11,000
The 2019 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 (in shares)				208,584		208,584	208,584
The 2019 Stock Incentive Plan [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)				184,808		184,808	184,808
The 2010 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)								208,584
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.35

Note Q - Long-term Debt (Details Textual) - USD ($)	Nov. 01, 2017	Jun. 27, 2021	Mar. 28, 2021	Jun. 01, 2020
Dividends Payable, Amount Per Share (in dollars per share)	$ 5.00
Senior Notes [Member]
Debt Instrument, Fixed Charge Coverage Ratio	2.0
Debt Instrument, Priority Secured Leverage Ratio	0.40
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 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
Debt Instrument, Repurchased Face Amount				$ 10,000,000
Senior Notes [Member] \| Senior Secured 2020 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	10.00%

Note Q - Long-term Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Jun. 27, 2021	Mar. 28, 2021
Long-term debt, face value	$ 150,000	$ 150,000
Less: unamortized debt issuance costs	(2,996)	(3,169)
Long-term debt, net	147,004	146,831
Senior Secured 2025 Notes [Member] \| Senior Notes [Member]
Long-term debt, face value	$ 150,000	$ 150,000

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Note Q - Long-term Debt - Summary of Debt (Details) (Parentheticals)	Jun. 27, 2021	Mar. 28, 2021	Nov. 01, 2017
Senior Secured 2025 Notes [Member] \| Senior Notes [Member]
Interest Rate	6.625%	6.625%	6.625%

Note Q - Long-term Debt - Summary of Redemption Features (Details)	3 Months Ended
	Jun. 27, 2021
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 R - Leases (Details Textual) - USD ($) $ in Thousands	3 Months Ended
Note R - Leases (Details Textual) - USD ($) $ in Thousands	Jun. 27, 2021	Jun. 28, 2020	Mar. 28, 2021
Operating Lease, Cost	$ 432	$ 415
Operating Lease Payments, Net Sublease Income	457
Operating Lease, Liability, Current	1,842		$ 1,837
Operating Lease, Liability, Noncurrent	7,214		$ 7,553
Restaurant Operating Expense [Member]
Operating Lease, Cost	700	579
General and Administrative Expense [Member]
Operating Lease, Cost	174	174
Other Income [Member]
Operating Lease, Cost	$ 16	$ 0

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

3 Months Ended

Jun. 27, 2021

Jun. 28, 2020

Operating lease cost

$ 432

$ 415

Short term lease cost

Variable lease cost

442

338

Less: Sublease income, net

(16)

Total net lease cost (a)

^[1]

$ 858

$ 753

[1]

the thirteen week periods ended June 27, 2021 and June 28, 2020 include $700 and $579, net recorded to “Restaurant Operating Expenses” for leases for Company-operated restaurants, $174 and $174 recorded to “General and administrative expenses” for leases for corporate offices and equipment, and $16 and $- recorded to “Other income, net” for leased properties that are leased to franchisees.

Note R - Leases - Cash Paid for Amounts Included in the Measurement of Lease Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Operating cash flows from operating leases	$ 174	$ 205

Note R - Leases - Weighted Average Remaining Lease Term and Weighted-average Discount Rate (Details)	Jun. 27, 2021
Operating leases, lease term (Year)	6 years 10 months 24 days
Operating leases, weighted average discount rate	8.876%

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

Jun. 27, 2021

USD ($)

2022, payments operating leases

$ 1,298

^[1]

2022, receipts subleases

171

^[1]

2022, net leases

1,127

^[1]

2023, payments operating leases

1,849

2023, receipts subleases

168

2023, net leases

1,681

2024, payments operating leases

1,774

2024, receipts subleases

169

2024, net leases

1,605

2025, payments operating leases

1,678

2025, receipts subleases

169

2025, net leases

1,509

2026, payments operating leases

1,712

2026, receipts subleases

169

2026, net leases

1,543

Thereafter, payments operating leases

3,762

Thereafter, receipts subleases

183

Thereafter, net leases

3,579

Total lease commitments, payments operating leases

12,073

Total lease commitments, receipts subleases

1,029

Total lease commitments, net leases

11,044

Less: Amount representing interest, payments operating leases

3,017

Present value of lease liabilities, payments operating leases

$ 9,056

^[2]

[1]	Represents future lease commitments to be paid and received by the Company for the remainder of the 2022 fiscal year. Amount does not include $457 of lease commitments paid and received by the Company for the thirteen week period ended June 27, 2021.
[2]	The present value of minimum operating lease payments of $1,842 and $7,214 are included in "Current portion of operating lease liabilities" and "Long-term operating lease liabilities," respectively on the Consolidated Balance Sheet.

Note R - Leases - Components of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Operating lease income, net	$ 16	$ 0

Note S - Commitments and Contingencies (Details Textual)	Jun. 27, 2021 USD ($)
Guaranty Liabilities	$ 113,000