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Document And Entity Information
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9 Months Ended | |
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Dec. 25, 2011
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Feb. 03, 2012
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| Document and Entity Information [Abstract] | ||
| Entity Registrant Name | NATHANS FAMOUS INC | |
| Document Type | 10-Q | |
| Current Fiscal Year End Date | --03-25 | |
| Entity Common Stock, Shares Outstanding | 4,349,005 | |
| Amendment Flag | false | |
| Entity Central Index Key | 0000069733 | |
| Entity Current Reporting Status | Yes | |
| Entity Voluntary Filers | No | |
| Entity Filer Category | Accelerated Filer | |
| Entity Well-known Seasoned Issuer | No | |
| Document Period End Date | Dec. 25, 2011 | |
| Document Fiscal Year Focus | 2012 | |
| Document Fiscal Period Focus | Q3 |
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- Definition
If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
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End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, POS AM and Other. No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Details
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- Definition
Amount due from customers, clients, or other third-parties, or arising from transactions not separately disclosed, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), net of allowances established for the purpose of reducing such receivables to an amount that approximates their net realizable value. No definition available.
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
For an unclassified balance sheet, this item represents investments in debt and equity securities which are categorized neither as held-to-maturity nor trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, are classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryforward is presented as a reduction of the related deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The noncurrent portion as of the balance sheet date of the aggregate carrying amount of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after the valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, is classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that is expected to be repaid beyond the following twelve months or one business cycle. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount of reserve for known or estimated probable loss from litigation, which may include attorneys' fees and other litigation costs, which is expected to be paid within one year of the date of the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
An amount representing an agreement for an unconditional promise by the maker to pay the Company (holder) a definite sum of money within one year from the balance sheet date (or the normal operating cycle, whichever is longer), net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The total of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer, and the aggregate carrying amount of current assets, as of the balance sheet date, not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. For a classified balance sheet represents the current portion only (the noncurrent portion has a separate concept); there is a separate and distinct element for unclassified presentations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total amount of stockholders' equity (deficit) items including stock value, paid in capital, retained earnings and including equity attributable to noncontrolling interests and before deducting the carrying value of treasury stock. No definition available.
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- Definition
The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Balance Sheets (Parentheticals) (USD $)
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Dec. 25, 2011
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Mar. 27, 2011
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| Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized | 30,000,000 | 30,000,000 |
| Common stock, shares issued | 8,840,491 | 8,837,991 |
| Common stock, shares outstanding | 4,947,964 | 5,082,713 |
| Treasury stock, shares | 3,892,527 | 3,755,278 |
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
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Dec. 25, 2011
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Dec. 26, 2010
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Dec. 25, 2011
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Dec. 26, 2010
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| REVENUES | ||||
| Sales | $ 11,508 | $ 10,237 | $ 41,681 | $ 35,543 |
| Franchise fees and royalties | 1,410 | 1,241 | 4,265 | 3,924 |
| License royalties | 1,634 | 1,387 | 5,307 | 4,865 |
| Interest income | 124 | 195 | 436 | 620 |
| Other income | 124 | 19 | 126 | 35 |
| Total revenues | 14,800 | 13,079 | 51,815 | 44,987 |
| COSTS AND EXPENSES | ||||
| Cost of sales | 9,497 | 7,961 | 33,042 | 26,864 |
| Restaurant operating expenses | 701 | 625 | 2,440 | 2,417 |
| Depreciation and amortization | 246 | 231 | 718 | 688 |
| General and administrative expenses | 2,285 | 2,440 | 6,995 | 7,636 |
| Litigation accrual (Note M) | 0 | 1,996 | 0 | 4,910 |
| Interest expense (Note M) | 112 | 0 | 335 | 0 |
| Total costs and expenses | 12,841 | 13,253 | 43,530 | 42,515 |
| Income (loss) before provision for income taxes | 1,959 | (174) | 8,285 | 2,472 |
| Provision (benefit) for income taxes | 748 | (21) | 3,209 | 814 |
| Net income (loss) | $ 1,211 | $ (153) | $ 5,076 | $ 1,658 |
| Basic income (loss) per share: | ||||
| Net income (loss) (in Dollars per share) | $ 0.24 | $ (0.03) | $ 1.01 | $ 0.30 |
| Diluted income (loss) per share: | ||||
| Net income (loss) (in Dollars per share) | $ 0.24 | $ (0.03) | $ 0.98 | $ 0.30 |
| Weighted average shares used in computing income (loss) per share | ||||
| Basic (in Shares) | 4,964,000 | 5,352,000 | 5,022,000 | 5,506,000 |
| Diluted (in Shares) | 5,113,000 | 5,352,000 | 5,159,000 | 5,608,000 |
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- Definition
Total costs related to goods produced and sold during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total costs of sales and operating expenses for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Revenue earned during the period from consideration (often a percentage of the franchisee's sales) received for the right to operate a business using the entity's name, merchandise, services, methodologies, promotional support, marketing, and supplies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Interest expense on all other items not previously classified. For example, includes dividends associated with redeemable preferred stock of a subsidiary that is treated as a liability in the parent's consolidated balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Revenue earned during the period relating to consideration received from another party for the right to use, but not own, certain of the entity's intangible assets. Licensing arrangements include, but are not limited to, rights to use a patent, copyright, technology, manufacturing process, software or trademark. Licensing fees are generally, but not always, fixed as to amount and not dependent upon the revenue generated by the licensing party. An entity may receive licensing fees for licenses that also generate royalty payments to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This element represents the expenses incurred by the entity which are directly related and attributable to receiving an award in settlement of litigation. No definition available.
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense. No definition available.
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- Definition
The aggregate amount of other income amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) profits on securities (net of losses), and (d) miscellaneous other income items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate revenue during the period from the sale of goods in the normal course of business, after deducting returns, allowances and discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Consolidated Statement of Stockholders' Equity (Unaudited) (USD $)
In Thousands, except Share data |
Common Stock [Member]
|
Additional Paid-in Capital [Member]
|
Retained Earnings [Member]
|
Accumulated Other Comprehensive Income (Loss) [Member]
|
Treasury Stock [Member]
|
Total
|
|---|---|---|---|---|---|---|
| Balance at Mar. 27, 2011 | $ 88 | $ 52,945 | $ 19,010 | $ 481 | $ (34,446) | $ 38,078 |
| Balance (in Shares) at Mar. 27, 2011 | 8,837,991 | 3,755,278 | ||||
| Shares issued in connection with the exercise of employee stock options | 8 | 8 | ||||
| Shares issued in connection with the exercise of employee stock options (in Shares) | 2,500 | |||||
| Repurchase of common stock (in Shares) | 137,249 | |||||
| Repurchase of common stock | (2,573) | (2,573) | ||||
| Income tax benefit on stock option exercises | 15 | 15 | ||||
| Share-based compensation | 218 | 218 | ||||
| Unrealized gains on available for sale securities, net of deferred income taxes of $40 | 59 | 59 | ||||
| Net income | 5,076 | 5,076 | ||||
| Balance at Dec. 25, 2011 | $ 88 | $ 53,186 | $ 24,086 | $ 540 | $ (37,019) | $ 40,881 |
| Balance (in Shares) at Dec. 25, 2011 | 8,840,491 | 3,892,527 |
| X | ||||||||||
|
- Definition
This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation". Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tax benefit associated with any equity-based compensation plan other than an employee stock ownership plan (ESOP). The tax benefit results from the deduction by the entity on its tax return for an award of stock that exceeds the cumulative compensation cost for common stock or preferred stock recognized for financial reporting. Includes any resulting tax benefit that exceeds the previously recognized deferred tax asset (excess tax benefits). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Appreciation or loss in value (before reclassification adjustment) of the total of unsold securities during the period being reported on, net of tax. Reclassification adjustments include: (1) the unrealized holding gain (loss), net of tax, at the date of the transfer for a debt security from the held-to-maturity category transferred into the available-for-sale category. Also includes the unrealized gain (loss) at the date of transfer for a debt security from the available-for-sale category transferred into the held-to-maturity category; (2) the unrealized gains (losses) realized upon the sale of securities, after tax; and (3) the unrealized gains (losses) realized upon the write-down of securities, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of share options (or share units) exercised during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value stock issued during the period as a result of the exercise of stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Consolidated Statement of Stockholders' Equity (Unaudited) (Parentheticals) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended |
|---|---|
|
Dec. 25, 2011
|
|
| Deferred income taxes | $ 40 |
| X | ||||||||||
|
- Definition
Tax effect on gross appreciation or the gross loss in value of the total of unsold securities during the period being reported on. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Increase (decrease) in accrued litigation No definition available.
|
| X | ||||||||||
|
- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from equity-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the amount due from customers for the credit sale of goods and services; includes accounts receivable and other types of receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other noncurrent operating assets not separately disclosed in the statement of cash flows. No definition available.
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other noncurrent operating liabilities not separately disclosed in the statement of cash flows. No definition available.
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets,or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the amount of amortization of purchase premium related to an investment in debt securities. The purchase premium is amortized to expense over the life (holding period) of the security to arrive at an amount of periodic interest income which results in a constant effective yield on the investment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with principal collections from a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with maturities (principal being due), prepayments and calls (requests of early payments) on securities not classified as either held-to-maturity securities or trading securities which are classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the sale of a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 1 - Basis of Presentation
|
9 Months Ended |
|---|---|
|
Dec. 25, 2011
|
|
| Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] |
NOTE
A - BASIS OF PRESENTATION
The
accompanying consolidated financial statements of Nathan's
Famous, Inc. and subsidiaries (collectively
“Nathan’s,” the
“Company,” “we,”
“us” or “our”) as of and for the
thirteen and thirty-nine week periods ended
December 25, 2011 and December 26, 2010 have been prepared in
accordance with accounting principles generally accepted in
the United States of America. The unaudited
financial statements include all adjustments (consisting of
normal recurring adjustments) which, in the opinion of
management, are necessary for a fair presentation of
financial condition, results of operations and cash flows for
the periods presented. However, our results of
operations are seasonal in nature, and the results of any
interim period are not necessarily indicative of results for
any other interim period or the full fiscal year.
Certain
information and footnote disclosures normally included in
financial statements in accordance with accounting principles
generally accepted in the United States of America have been
omitted pursuant to the requirements of the Securities and
Exchange Commission. Management believes that the
disclosures included in the accompanying 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 27, 2011.
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 27, 2011.
There have been no changes to the Company’s significant
accounting policies subsequent to March 27, 2011.
|
| X | ||||||||||
|
- Definition
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 2 - Recently Issued Accounting Pronouncements Not Yet Adopted
|
9 Months Ended |
|---|---|
|
Dec. 25, 2011
|
|
| Description of New Accounting Pronouncements Not yet Adopted [Text Block] |
NOTE
B – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET
ADOPTED
In
May 2011, the Financial Accounting Standards Board
(“FASB”) issued a number of amendments in order
to align the fair value measurement and disclosure
requirements in U.S. Generally Accepted Accounting Principles
(“US GAAP”) and International Financial Reporting
Standards (“IFRS”). The amendments change the
wording used to describe many of the requirements in US GAAP
for measuring fair value or disclosing information about fair
value measurements. Some of the amendments clarify the
FASB’s intent about the application of existing fair
value measurement requirements. Other amendments modify a
particular principle or requirement for measuring fair value
or for disclosing fair value measurements. The amended
guidance will be effective for Nathan’s beginning with
the first interim or annual reporting period beginning after
December 15, 2011; early application is not permitted. We do
not expect the adoption of these amendments to have a
material effect on our consolidated results of operations or
financial position.
In
June 2011, the FASB issued guidance covering the presentation
of comprehensive income. Under this guidance, an entity has
the option to present the total of comprehensive income, the
components of net income, and components of other
comprehensive income (“OCI”) either in a single
continuous statement of comprehensive income or in two
separate but consecutive statements. Irrespective of the
format that is chosen, an entity is required to present each
component of net income along with total net income, each
component of OCI along with a total for OCI, and a total for
comprehensive income. Entities were also required to present
on the face of the financial statements reclassification
adjustments for items that are reclassified from OCI to net
income in the statement(s) where components of net income and
components of OCI are presented. However, the implementation
of this last requirement was deferred by the FASB in December
2011. All other guidance will be effective for Nathan’s
beginning with the first annual reporting period, and interim
periods within that fiscal year, beginning after December 15,
2011 and shall be applied retrospectively, however, early
adoption is permitted. Nathan’s did not elect early
adoption of the accounting standard. The adoption of this new
accounting standard will modify the required disclosures, but
is not expected to have a material effect on our consolidated
results of operations or financial position.
In
August 2011, the FASB revised its standards regarding the
testing of goodwill for impairment standard by providing
companies with a new option to determine whether it is
necessary to apply the traditional two-step impairment
test. If a company elects to use this option, it
must decide, on the basis of qualitative information, whether
it is more than 50% likely that the fair value of a reporting
unit is less than its carrying value. If management concludes
that the fair value exceeds the carrying value, then neither
of the two steps in the current goodwill test is required.
Otherwise, the existing calculations in step one and two
continue to apply. The guidance will be effective for
Nathan’s annual and interim goodwill impairment tests
performed for the fiscal years beginning after December 15,
2011. Early adoption is permitted if the entity’s
financial statements for the most recent annual or interim
period have not been issued. We do not expect the adoption of
this revised standard to have a material effect on
our consolidated results of operations or financial
position.
|
| X | ||||||||||
|
- Definition
The entire disclosure for a new accounting pronouncement that has been issued but not yet adopted. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 3 - Fair Value Measurements
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 25, 2011
|
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| Fair Value Disclosures [Text Block] |
NOTE
C – 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, quoted
prices in markets that are not active, 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
following tables present assets and liabilities measured at
fair value on a recurring basis as of December 25, 2011 and
March 27, 2011 based upon the valuation hierarchy (in
thousands):
Nathan’s
marketable securities, which consist primarily of municipal
bonds, are not actively traded. The valuation of
such bonds is based upon quoted market prices for similar
bonds currently trading in an active market or
model-derived valuations in which all significant inputs
are observable for substantially the full term of the
asset.
The
carrying amounts of cash equivalents, note receivable held
for sale, 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 nonrecurring 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.
For the thirty-nine week period ended December 25, 2011, no
fair value adjustment or material fair value measurements
were required for non-financial assets or
liabilities.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 4 - Marketable Securities
|
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 25, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Marketable Securities [Text Block] |
NOTE
D – MARKETABLE SECURITIES
The
Company determines the appropriate classification of
marketable securities at the time of purchase and reassesses
the appropriateness of the classification at each reporting
date. At December 25, 2011 and March 27, 2011, all marketable
securities held by the Company have been classified as
available-for-sale and, as a result, are stated at fair
value, based upon quoted market prices for similar assets as
determined in active markets or model-derived valuations in
which all significant inputs are observable for substantially
the full-term of the asset, with unrealized gains and losses
included as a component of accumulated other comprehensive
income. Realized gains and losses on the sale of securities
are determined on a specific identification basis.
The
cost, gross unrealized gains, gross unrealized losses and
fair market value for marketable securities, which consist
entirely of municipal bonds that are classified as
available-for-sale securities, are as follows (in
thousands):
As
of December 25, 2011 and March 27, 2011, none of the
marketable securities held by the Company were in an
unrealized loss position.
The
municipal bonds held at December 25, 2011, mature at various
dates between January 2012 and October 2019. The
following represents the bond maturities by period (in
thousands):
The
change in net unrealized (losses) on available-for-sale
securities for the thirteen week periods ended December 25,
2011 and December 26, 2010 of $(27) and $(226), respectively,
net of deferred income taxes, have been included as a
component of comprehensive income. The change in net
unrealized gains (losses) on available-for-sale securities
for the thirty-nine -week periods ended December 25, 2011 and
December 26, 2010 of $59 and $(108), respectively, net of
deferred income taxes, have been included as a component of
comprehensive income.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Note 5 - Restricted Cash
|
9 Months Ended |
|---|---|
|
Dec. 25, 2011
|
|
| Restricted Assets Disclosure [Text Block] |
NOTE
E – RESTRICTED CASH
We
have been engaged in litigation with SMG, Inc.
(“SMG”), as further described in Note M.2,
related to a License Agreement with SMG dated as of February
28, 1994, as amended (the “License Agreement”)
and, in connection with that litigation, damages of
approximately $4,910,000 inclusive of pre-judgment interest,
were assessed against Nathan’s (the
“Judgment”) during the fiscal year ended March
27, 2011. Nathan’s has appealed both of the
court’s findings with respect to SMG’s claims
relating to the sale of Nathan’s proprietary seasonings
to SMG and the amount of the Judgment (See Note M.2).
In
connection with this appeal, Nathan’s was required to
provide security for the damages, and on March 31, 2011
entered into a Blocked Deposit Account Control Agreement
(“Blocked Account Agreement”) with SMG and
Citibank, N.A. (the “Bank”).
Nathan’s
has also entered into a Security Agreement with SMG on March
31, 2011 (the “Security Agreement”), pursuant to
which, Nathan’s has granted SMG a security interest in
the amounts on deposit in the Blocked Account at the Bank
(the “Account”) in order to secure
Nathan’s’ obligation to pay to SMG approximately
$4,910,000 together with post-judgment interest on such
amount and costs incurred in connection with such
amounts.
Pursuant
to the Blocked Account Agreement, Nathan’s initially
deposited approximately $4,910,000 into the Account and has
deposited additional amounts monthly in an amount equal to
the post-judgment interest (calculated at 9% per annum)
through December 25, 2011. Nathan’s has classified the
amount of the Judgment along with the post-judgment interest
as restricted cash in the accompanying balance
sheet. Pursuant to the Blocked Account Agreement,
Nathan’s will have no right to withdraw amounts from
the Account, until: (1) the Bank receives written notice from
SMG (a “Release Notice”) that (a) the Judgment,
plus all applicable post-judgment interest, has been
satisfied, (b) the Judgment has been reversed or the Judgment
has been vacated and the matter remanded and that any
subsequent motions or appeals have been resolved, (c)
Nathan’s and SMG have entered a fully-executed
settlement agreement resolving the Judgment, or (d) SMG has
withdrawn its “Disposition Notice” (as defined
below) or (2) the Bank has received a Disposition Notice and
has acted in accordance with the Disposition Notice.
SMG
has agreed to deliver a Release Notice to the Bank within
five (5) business days following any of the events described
in clauses (1) (a), (b) or (c) above, and is entitled to
provide written notice (a “Disposition Notice”)
to the Bank to distribute the amounts in the Account if
either (i) the Judgment is affirmed and all appeals are
exhausted, and the amount of the Judgment plus all applicable
post-judgment interest is not satisfied by Nathan’s and
paid to SMG within thirty (30) days of such affirmance or
(ii) an Event of Default occurs under the Security
Agreement.
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| X | ||||||||||
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- Definition
The entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction. No definition available.
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Note 6 - Accounts and Other Receivables, Net
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Dec. 25, 2011
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| Loans, Notes, Trade and Other Receivables Disclosure [Text Block] |
NOTE
F – ACCOUNTS AND OTHER RECEIVABLES, NET
Accounts
and other receivables, net, consist of the following (in
thousands):
Accounts
receivable are due within 30 days and are stated at amounts
due from Branded Product Program customers, franchisees,
retail licensees and product manufacturers, net of an
allowance for doubtful accounts. Accounts that are
outstanding longer than the contractual payment terms are
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 uncollectable amounts through
a charge to earnings. After the Company has used reasonable
collection efforts it writes off accounts receivable through
a charge against the allowance for doubtful accounts.
Changes
in the Company’s allowance for doubtful accounts for
the thirty-nine -week period ended December 25, 2011 and the
fiscal year ended March 27, 2011 are as follows (in
thousands):
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- Definition
The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note 7 - Note Receivable Held For Sale
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Dec. 25, 2011
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| Asset Impairment Charges [Text Block] |
NOTE
G – NOTE RECEIVABLE HELD FOR SALE
Nathan’s
determines that a note is impaired when, based on current
information and events, it is probable that the Company will
be unable to collect all amounts due according to the
contractual terms of the note agreement. When evaluating a
note for impairment, the factors considered include: (a)
indications that the borrower is experiencing business
problems such as late payments, operating losses, marginal
working capital, inadequate cash flow or business
interruptions, or (b) notes that are susceptible to
deterioration in realizable value.
On
May 4, 2011, Nathan’s entered into a Note Purchase and
Sale Agreement with Y & Y Capital Co, LLC (“Note
Purchaser” and such agreement, the “Purchase
Agreement”) pursuant to which Nathan’s agreed to
sell to the Note Purchaser for $900,000 in cash the note
received by the Company in connection with the sale of its
Miami Subs Corporation subsidiary, as amended through May 4,
2011 (the “Amended MSC
Note”). Simultaneously with the execution of
the Purchase Agreement, the Note Purchaser paid
Nathan’s $450,000 to be applied to the purchase price
payable under the Purchase Agreement. The sale of the Amended
MSC Note was completed on June 29, 2011 and Nathan’s
received the $450,000 balance of the sale proceeds.
Simultaneously with the closing of the sale of the Amended
MSC Note, Nathan’s assigned to the Note Purchaser
certain of its rights under certain related agreements which
secure the obligation of the payor under the Amended MSC
Note, including a security agreement dated as of June 7,
2007, two personal Guaranties and the majority of an
irrevocable direction for the payment of funds under certain
circumstances. Nathan’s retained certain rights under
the irrevocable direction. On October 24, 2011,
Nathan’s executed a Release and Direction among the
parties agreeing to accept $125,000, in cash, in full
satisfaction of Nathan’s rights under the irrevocable
direction. In November 2011, Nathan’s received these
proceeds.
As
of March 27, 2011, management evaluated the Amended MSC Note
for impairment by comparing the present value of the expected
future cash flows on the Amended MSC Note to the current
carrying value and recorded an impairment charge of $263,000
at that time. As of March 27, 2011, the Company classified
the Amended MSC Note as a note receivable held for sale in
the accompanying Consolidated Balance Sheet as a result of
the then pending sale of the Amended MSC Note.
Following
(in thousands) is a summary of the impaired note
receivable:
The
Company recognized approximately $30 and $62 of interest
income on the Amended MSC Note for the thirty-nine weeks
ended December 25, 2011 and December 26, 2010, respectively.
The average recorded investment in impaired note receivable
was $1,179 at March 27, 2011.
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- Definition
The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported. No definition available.
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Note 8 - Income (Loss) Per Share
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Dec. 25, 2011
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| Earnings Per Share [Text Block] |
NOTE
H – INCOME (LOSS) PER SHARE
Basic
income (loss) per common share is calculated by dividing
income (loss) by the weighted-average number of common shares
outstanding and excludes any dilutive effect of stock
options. Diluted income (loss) 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 (loss) 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 25, 2011 and
December 26, 2010, respectively.
There
were no options to purchase shares of common stock in the
thirteen and thirty-nine -week periods ended December 25,
2011 that were excluded from the computation of diluted EPS.
Options to purchase 110,000 shares of common stock in
the thirty-nine -week period ended December 26, 2010 were not
included in the computation of diluted EPS because the
exercise prices exceeded the average market price of common
shares during the periods.
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- Definition
The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note 9 - Income Taxes
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9 Months Ended |
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Dec. 25, 2011
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| Income Tax Disclosure [Text Block] |
NOTE
I – INCOME TAXES
The
income tax provisions for the thirty-nine -week periods ended
December 25, 2011 and December 26, 2010 reflect effective tax
rates of 38.7% and 32.9%, respectively, which have been
reduced from statutory rates by 2.0% and 9.6%,
respectively, for the differing effects of tax
exempt interest income. During the thirty-nine
-week period ended December 26, 2010, Nathan’s settled
uncertain tax positions with one state jurisdiction and
accordingly reduced the associated unrecognized tax benefits,
including the related accrued interest and penalties, by
approximately $79,000, further reducing the December 26, 2010
effective tax rate by 3.2% for the period. During the
thirty-nine week period ended December 26, 2010,
Nathan’s recorded additional taxes of $85,000 in
connection with the filing of its March 2010 tax returns,
increasing the effective tax rate by 3.4%.
The
amount of unrecognized tax benefits at December 25, 2011 was
$326,000, all of which would impact Nathan’s effective
tax rate, if recognized. As of December 25, 2011,
Nathan’s had $369,000 of accrued interest and penalties
in connection with unrecognized tax benefits.
During
the fiscal year ending March 25, 2012, Nathan’s will
seek to settle additional uncertain tax positions with the
tax authorities. As a result, it is reasonably possible that
the amount of unrecognized tax benefits, including the
related accrued interest and penalties, could be reduced by
up to $60,000, which would favorably impact Nathan’s
effective tax rate, although no assurances can be given in
this regard.
Nathan’s
estimates that its annual tax rate for the fiscal year ending
March 25, 2012 will be in the range of approximately 37.5% to
39.5%. The final annual tax rate is subject to
many variables, including the effect of tax-exempt interest
earned, among other factors, and therefore cannot be
determined until the end of the fiscal year; therefore, the
actual tax rate could differ from our current
estimates.
Nathan’s
has received notices from New York City and the States of
Florida and Massachusetts that our tax returns for the fiscal
years ended March 2008, March 2009 and March 2010 will be
reviewed. Additionally, the State of Massachusetts has
indicated that our tax return for the fiscal year ended March
2011 will also be reviewed.
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| X | ||||||||||
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note 10 - Share-Based Compensation
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Dec. 25, 2011
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| Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
NOTE
J – SHARE-BASED COMPENSATION
Total
share-based compensation during the thirteen -week periods
ended December 25, 2011 and December 26, 2010 was $56,000 and
$82,000, respectively. Total share-based compensation during
the thirty-nine -week periods ended December 25, 2011 and
December 26, 2010 was $218,000 and $296,000, respectively.
Total share-based compensation is included in general and
administrative expense in our accompanying Consolidated
Statements of Earnings. As of December 25, 2011, there was
$770,000 of
unamortized compensation expense related to stock options. We
expect to recognize this expense over approximately three
years and five months, which represents the requisite
service periods for such awards.
On
September 14, 2010, the Company adopted the 2010 Stock
Incentive Plan (the “2010 Plan”) which provides
for the issuance of up to 150,000 additional shares pursuant
to the 2010 Plan together with 171,000 shares that have not
been issued under the 2001 Stock Option Plan (the “2001
Plan”) and the 2002 Stock Incentive Plan (the
“2002 Plan”) plus any shares subject to any
outstanding options or restricted stock grants under the 2001
Plan and the 2002 Plan that subsequently expire unexercised
or are otherwise forfeited up to a maximum of an additional
100,000 shares.
During
the thirty-nine week period ended December 25, 2011, the
Company granted 177,500 stock options having an exercise
price of $17.75 per share, all of which expire five years
from the date of grant. All of such stock options vest
ratably over a four-year period commencing June 6, 2012.
There were no share-based awards granted during the
thirty-nine -week period ended December 26, 2010.
The
weighted-average option fair values, as determined using the
Black-Scholes option valuation model, and the assumptions
used to estimate these values for stock options granted
during the thirty-nine weeks ended December 25, 2011, were as
follows:
The
expected dividend yield is based on historical and projected
dividend yields. The Company estimates volatility based
primarily on historical monthly price changes of the
Company’s stock equal to the expected life of the
option. The risk free interest rate is based on the U.S.
Treasury yield in effect at the time of the grant. The
expected option term is the number of years the Company
estimates the options will be outstanding prior to exercise
based on expected employment termination behavior.
Stock options
outstanding:
Transactions
with respect to stock options for the thirty-nine weeks ended
December 25, 2011 were as follows:
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| X | ||||||||||
|
- Definition
The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note 11 - Stockholders' Equity
|
9 Months Ended |
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|
Dec. 25, 2011
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| Stockholders' Equity Note Disclosure [Text Block] |
NOTE
K – STOCKHOLDERS’ EQUITY
During
the period from October 2001 through December 25, 2011,
Nathan’s repurchased 3,892,527 shares of its common
stock at a cost of approximately $37,019,000 pursuant to
its stock repurchase plans previously authorized by the Board
of Directors. During the thirty-nine week period
ended December 25, 2011, we repurchased 137,249 shares at a
total cost of $2,573,000.
On
February 1, 2011, Nathan’s Board of Directors
authorized a 300,000 share increase in the number of shares
that the Company may repurchase. After giving
effect to this increase, an aggregate of 407,473 shares can
still be purchased under Nathan’s stock repurchase
plans, as of December 25, 2011.
Purchases
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 to be made under these stock-repurchase plans,
nor is there any assurance that the Company will make any
repurchases under its stock-repurchase plans.
On
September 10, 2010, Nathan’s entered into a 10b5-1
agreement with Mutual Securities, Inc.
(“MSI”) pursuant
to which Nathan’s appointed MSI as its broker
to repurchase shares of the Company’s common
stock commencing September 10, 2010, having a value of up to
an aggregate of $4.8 million. On February 3, 2011,
Nathan’s and MSI amended this agreement to increase the
aggregate value to approximately $7.5 million. This agreement
was subsequently amended on August 4, 2011 to extend the
termination date from September 19, 2011 to November 15,
2011. The Company, through MSI, had repurchased
shares aggregating $4,622,000 pursuant to this 10b5-1
agreement when it expired on November 15, 2011. The agreement
was adopted to ensure that the Company’s repurchases
would comply with the safe harbor provided by
Rule 10b5-1 and Rule 10b-18 of the Securities
Exchange Act of 1934, as amended.
On
December 1, 2011, Nathan’s Board of Directors
authorized the commencement of a modified dutch tender offer
to repurchase up to 500,000 shares of its common stock at a
price of not less than $20.00 nor greater than $22.00 per
share. The tender offer expired on January 12, 2012. Based on
the final count by American Stock Transfer & Trust
Company, the depositary of the tender, 663,982 shares of
common stock were tendered and not withdrawn at or below the
final purchase price of $22.00 per share. Pursuant to the
terms of the tender offer, Nathan’s has elected to
purchase an additional 98,959 shares (within up to 2% of the
outstanding shares of its common stock). All of such shares
purchased in the tender were purchased at the same price of
$22.00 per share. As such, Nathan’s accepted
for purchase an aggregate of 598,959 shares of its common
stock, at a purchase price of $22.00 per share, for a total
cost of $13,177,098, excluding fees and expenses related to
the tender. The results of this tender offer will be
reflected in the consolidated financial statements during the
thirteen weeks ending March 25, 2012.
At
December 25, 2011, the Company has reserved 8,175,483 shares
of common stock for issuance upon exercise of rights to
purchase shares of common stock pursuant to its new
shareholder rights plan adopted by the Board of Directors on
June 4, 2008.
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| X | ||||||||||
|
- Definition
The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note 12 - Comprehensive Income (Loss)
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Dec. 25, 2011
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NOTE
L – COMPREHENSIVE INCOME (LOSS)
The
components of comprehensive income (loss) are as follows (in
thousands):
Accumulated
other comprehensive income at December 25, 2011 and March 27,
2011 consists entirely of unrealized gains and losses on
available-for-sale securities, net of deferred taxes.
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- Definition
The entire disclosure for comprehensive income. Includes, but is not limited to, the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note 13 - Commitments and Contingencies
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9 Months Ended |
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Dec. 25, 2011
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| Commitments and Contingencies Disclosure [Text Block] |
NOTE
M – COMMITMENTS AND CONTINGENCIES
1.
Commitments
At
March 27, 2011, the Company had outstanding purchase
commitments to acquire approximately 485,000 pounds of hot
dogs for approximately $950,000 from its primary hot dog
manufacturer. During the thirty-nine week period ended
December 25, 2011, the Company completed this purchase
commitment, representing approximately 4.32% of
Nathan’s hot dog usage during the period. At December
25, 2011, Nathan’s had outstanding a purchase
commitment, as amended, for up to 987,000 pounds of hot dogs,
at a cost of approximately $1,900,000. Nathan’s expects
to complete this purchasing commitment between January and
March 2012. Nathan’s may enter into additional purchase
commitments in the future as favorable market conditions
become available.
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 or is
implemented.
The
Company is also involved in the following legal
proceeding:
The
Company is party to a License Agreement with SMG dated as of
February 28, 1994, as amended (the “License
Agreement”) pursuant to which: (i) SMG acts as the
Company’s exclusive licensee for the manufacture,
distribution, marketing and sale of packaged
“Nathan’s Famous” frankfurter products at
supermarkets, club stores and other retail outlets in the
United States; and (ii) the Company has the right, but not
the obligation, to require SMG to produce frankfurters for
the “Nathan’s Famous” restaurant system and
Branded Product Program. On July 31, 2007, the
Company provided notice to SMG that the Company elected to
terminate the License Agreement, effective July 31, 2008 (the
“Termination Date”), due to SMG’s breach of
certain provisions of the License Agreement. SMG disputed
that a breach occurred and commenced, together with certain
of its affiliates, an action in state court in Illinois
seeking, among other things, a declaratory judgment that SMG
did not breach the License Agreement. The Company filed its
own action on August 2, 2007, in New York State court seeking
a declaratory judgment that SMG breached the License
Agreement and that the Company properly terminated the
License Agreement. On January 23, 2008, the New York court
granted SMG’s motion to dismiss the Company’s
case in New York on the basis that the dispute was already
the subject of a pending lawsuit in Illinois. The
Company answered SMG’s complaint in Illinois and
asserted its own counterclaims which sought, among other
things, a declaratory judgment that SMG breached the License
Agreement and that the Company properly terminated the
License Agreement. On July 31, 2008, SMG and Nathan’s
entered into a stipulation pursuant to which Nathan’s
agreed that it would not effectuate the termination of the
License Agreement on the grounds alleged in the present
litigation until such litigation had been successfully
adjudicated, and SMG agreed that in such event,
Nathan’s shall have the option to require SMG to
continue to perform under the License Agreement for an
additional period of up to six months to ensure an orderly
transition of the business to a new
licensee/supplier. On June 30, 2009, SMG and
Nathan’s each filed motions for summary
judgment. Both motions for summary judgment were
ultimately denied on February 25, 2010. On January
28, 2010, SMG filed a motion for leave to file a Second
Amended Complaint and Amended Answer, which sought to assert
new claims and affirmative defenses based on Nathan’s
alleged breach of the parties’ License Agreement in
connection with the manner in which Nathan’s profits
from the sale of its proprietary seasonings to
SMG. On February 25, 2010, the court granted
SMG’s motion for leave, and its Second Amended
Complaint and Amended Answer were filed with the
court. On March 29, 2010, Nathan’s filed an
answer to SMG’s Second Amended Complaint, which denied
substantially all of the allegations in the
complaint. On September 17, 2010, SMG filed a
motion for summary judgment with respect to the claims
relating to the sale of Nathan’s proprietary seasonings
to SMG. On October 5, 2010, Nathan’s filed
an opposition to SMG’s motion for summary judgment, and
itself cross-moved for summary judgment. A trial
on the claims relating to Nathan’s termination of the
License Agreement took place between October 6 and October
13, 2010. Oral argument on the claims relating to
the sale of Nathan’s proprietary seasonings took place
prior to the start of the trial. On October 13,
2010, an order was entered with the Court denying
Nathan’s cross-motion and granting SMG’s motion
for summary judgment with respect to SMG’s claims
relating to the sale of Nathan’s proprietary seasonings
to SMG. At that time, Nathan’s estimated
potential damages to be between $2,914,000 to
$6,068,000. Since Nathan’s was unable to
determine the amount of damages within that range that the
court ultimately awarded to SMG, Nathan’s originally
recorded a charge to earnings before taxes of $2,914,000 in
its second fiscal quarter ended December 26, 2010,
representing the then minimum estimate of
damages. On December 17, 2010, the Court ruled
that Nathan’s was not entitled to terminate the License
Agreement. On January 19, 2011, the parties
submitted an agreed upon order which, among other things,
assessed damages against Nathan’s of approximately
$4,910,000 inclusive of pre-judgment
interest. Accordingly, Nathan’s recorded an
additional charge before earnings of $1,996,000 in its third
quarter ended December 26, 2010. The final Judgment was
entered on February 4, 2011. On March 4, 2011,
Nathan's filed a notice of appeal seeking to appeal the
Judgment. In order to secure the Judgment pending
an appeal, on March 31, 2011, Nathan's entered into a
Security Agreement with SMG and Blocked Deposit Account
Agreement with SMG and Citibank, N.A., as described in Note
E. On April 7, 2011, the Court entered a
stipulation and order which granted a stay of enforcement of
the Judgment. Nathan’s filed an appellate brief with
the Appellate Court of Illinois, First Judicial District, on
August 8, 2011. In response, SMG filed an opposition
appellate brief on October 21,
2011. Nathan’s filed a reply brief on
November 14, 2011.
3. Guarantees
On
December 1, 2009, a wholly-owned subsidiary of the Company
executed a Guaranty of Lease (the “Guaranty”) in
connection with its re-franchising of a restaurant located in
West Nyack, New York. The Guaranty could be called
upon in the event of a default by the
tenant/franchisee. The Guaranty extends through
the fifth Lease Year, as defined in the lease, and shall not
exceed an amount equal to the highest amount of the annual
minimum rent, percentage rent and any additional rent payable
pursuant to the lease and reasonable attorney’s fees
and other costs. We have recorded a liability of
$210,900 in connection with the Guaranty, which does not
include potential real estate tax increases and
attorney’s fees and other costs as these amounts are
not reasonably determinable at this time. In
connection with Nathan’s franchise agreement,
Nathan’s has received a personal guaranty from the
franchisee for all obligations under the Guaranty. To date,
Nathan’s has not been required to make any payments
pursuant to the Guaranty.
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- Definition
The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note 14 - Reclassifications
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9 Months Ended |
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Dec. 25, 2011
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| Reclassifications [Text Block] |
NOTE
N – RECLASSIFICATIONS
Certain
prior years’ balances have been reclassified to conform
with the March 27, 2011 presentation.
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- Definition
The entire disclosure for classifying current financial statements, which may be different from classifications in the prior year's financial statements. Disclose any material changes in classification including an explanation of the reason for the change and the areas impacted. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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