#1 Most Trusted and Accepted Online Typing Certificate Worldwide!
Do You Need An Instant, Reliable, Accurate, and Low-Cost…ONLINE TYPING CERTIFICATE… Recognized By Employers All Around the World that will Dramatically Increase Your JOB OPPORTUNITIES …Guaranteed?
Click above for 45 seconds of easy instructions!
Buy 4 instant self print tests at the incredibly low price of $14.75!
We have often been asked by certain frequent users if they could get a "Best Value Pack" so (as a limited time trial) we are offering an incredible new package!
Choose our new "Best Value Offer" and get FIVE instant tests (where you immediately print the results) and TWO printed certificates (of your highest score, printed by us, and mailed to you within 4-7 days, usually $19.95 each!) PLUS the free eBook (valued at $14.95 ) for just US$24.95! That is over $54.85 of usual value for only$24.95!
To verify a candidates typing score Click Here.
PLUS: You're now entitled to practice for your typing certificate Totally FREE. What this means is that we give you FREE unlimited practice attempts so you can become familiar with our testing system. Taking the FREE practice test is quick and easy to set up. Simply log in, start a FREE account and…that's it! If your score is high enough then you're ready for your official typing certificate – and that NEW JOB!
Yes I'd Like My FREE Practice Tests Right Now!
--Carmen, S ( age 34). Sydney, Australia.
The World's First and Most Respected Online Typing Expert.
…then you're probably at the end of your tether wondering what you have to do to get yourself ahead of other job applicants…and feel more confident and relaxed about applying for any job or position that requires a higher degree of typing speed and skill…If this is you, then you can relax.
This will be the most important letter you've ever read.
My name is Ian Hewitt and I've been dedicated and responsible for many years in assisting people to find work by developing and improving their typing skills online with very quick results.
And I know for sure I can help you quickly and easily FREE yourself from the embarrassment and frustration of job rejection.
And in a minute I'll tell you how you can make positive changes to your typing levels, your employment prospects a lot rosier and your employment future much more secure.
** Do you get uncomfortable at job interviews answering questions about your typing speed and ability? Do you get that sinking feeling when you know for sure that that interviewer is at some stage going to put you to the test to see if you're really up to the mark?
** Do you feel envious of other people who beat you to jobs you have secretly desired, because they are more competent and skilled than you are?
Do you believe you've been cheated out of job chances by other more skilled typists who you know you could beat the pants off in a job interview if you could just increase your typing and keyboarding skills a fraction more?
** Do you know you could do a lot better in life if you had good, secure job prospects but have found it all to hard because you don't know where to turn to improve your typing skills?
Do you have nagging self-doubts about ever being well paid, comfortable and happy in any job for a long period of time due to a lack of confidence in your ability to prove your worth in the workplace?
if you could change this right now? Think about it…how would you feel?
You'd feel over the moon wouldn't you? Well hold onto that feeling it will soon be yours for keeps.
So if you're reading this letter, it means you want answers. You want to change, but there's something getting in your way from getting the job you've always wanted and dreamed about.
The trouble is until today you never thought you could get any job that meant you had to show you could really type with speed, ease and accuracy…and you have to ask yourself why?
Maybe you've tried other kinds of offline and online typing tests and programs before without success. Maybe they haven't measured up to your expectations to give you want you want – an excellent job!
Perhaps you've considered going to some sort of training course, either part-time or full-time and committing yourself to travel here and there a certain number of hours every week to sharpen your typing skills.
The problem is in the end you've realized it's all too expensive and time consuming so you've given the idea the boot, because there's no guarantee that it will be successful anyway.
…Or perhaps you may be hoping one day that your typing skills will naturally improve and that a job will drop out of the sky somewhere that will supply you with the right money, a better motor vehicle, better house, travel and a better lifestyle all around.
But wouldn't you love to have the confidence in your typing and keyboarding skills right now without wasting heaps of time and money and start securing a future for yourself without all the hassles and worries of where your next dollar is coming from?
Yes I'd like to take my typing tests right now!
Imagine climbing out of bed each morning knowing you don't have to give an ounce of thought to your skill and competency to type with speed and accuracy.
You feel full of energy and zest for life knowing that any task that's put in front of you at work each day is a push over.
Imagine being so good at your job because of your brilliant typing skills and your superiors are beginning to notice just how reliable and efficient you are at getting your work completed on time, so you're in the box seat for any promotions with the business or company you work for – and that means more respect and income.
Or what about if you've just landed a fantastic job above a large number of other applicants and it was all based on your typing skills. Can you see it?
Imagine exactly what you'd feel like; imagine the tremendous benefits you'll receive as an employee due to your new level of typing and keyboarding skill.
Did you imagine how your life could be? Could you see yourself experiencing all those things that you can have? That's good if you did.
Because that's exactly how your new working life could be. And it's not a dream, fantasy, or mere wishful thinking. Not at all. You'll soon realize that by simply learning to type efficientlyit's your destiny and it's all very easy to get started.
Yes, Please take me to my typing tests Now!
** Where you'll feel more empowered and respected in the workplace.
** Where you'll gain enormous power and confidence in any job interview.
** Where job opportunities that you never thought possible will come your way.
** Where your earning capacity will strengthen along with your everyday lifestyle.
** Where you'll finally understand that for little effort, massive rewards are to be had through the simple skill of typing.
** Where you'll never have to look over your shoulder again to see who's watching due to your poor typing ability.
This can be your new working reality…your new destiny. And it can begin right now.
I'd like to take the FREE typing tests right now!
So how can I say this with such confidence?
After owning and operating my very successful company Language Direct for many years, I decided it was time to bring all of the challenging, interesting and useful tools I had acquired within that operation to the Internet.
And so TypingCertification.com was launched;the very first online typing certification company in the world to offer instant testing for users to gain easy access to official, reliable and accurate typing certification and information.
While there have been a few copycats that have tried to duplicate the quality of TypingCertification.com only a few come close.
In reality they are watered down versions that don't have the experience or resources to provide the right information or service to people who want to gain excellent typing qualifications.
Our tests are designed to duplicate real-life testing experiences to the tee. And TypingCertification.com is purely there to enhance the possibilities of genuine job seekers who want work immediately.
This means we are not interested in dumbing it down with cheap advertising and fancy bells and whistles that distract from it's main purpose – to get you typing quickly and fast-track your employment prospects – your success is important too us.
TypingCertification.com pays for itself with the minimal fees we charge when you take a test. Although we concede the fees are low we wanted to make it affordable to everyone who wants toimprove their typing skills.
Each one of our well thought out and carefully constructed tests at TypingCertification.com offers you an incredibly valuable opportunity to show you what you know in terms of typing excellence.
A printed certificate lets you display your level of expertise to friends, parents, teachers and most importantly employers. Our certificates are widely accepted by government and private/ corporate bodies.
And there's no steep learning curve everything at TypingCertification.com is very simple to use as well as exciting and fun.
In fact, in one easy session you'll notice an improvement in your typing instantly.
Yes please I would like to start with my free practise tests now!
Thank you for the education, fun and information on your website it has helped me heaps.
I actually got a job I was going for at the time I was using your site. I used your tutor stuff and it was very helpful. It's a great idea.
--Jessica Kelman (age 54), Manchester, England.
To stand out head and shoulders above others in the job cue.
Compelling Reason #1: We Provide you with the opportunity to earn a certificate with each paid test.
By taking your online typing test you will be officially certified according to your particular typing ability. For just $6.95 TypingCerification.com will automatically generate a certificate that you can print out showing your typing ability scores.
Following each test an email is sent to you with your scores and a link to the certificate. Your certificate will show your gross or uncorrected words per minute, as well as your accuracy and adjusted words-per-minute.
You can then forward this email to prospective employers and other interested persons.
Plus: TypingCertification.com gives you a detailed report that includes the length of the test, the completed time, the error count and the official words-per-minute.
For your convenience your typing certificate will on TypingCetification.com for 3 months after you've completed the test.
And here's another great option. You may choose "Print Official Certificate". This is a service we're extremely proud of, and offer our clients the very reasonable price of $18.80 (which includes FREE Airmail delivery world-wide) you'll receive a high-quality, full-color print of your typing certificate that will arrive within 6 days.
Remember: our certificates are well accepted by company and government employers. For government positions simply choose the 5-minute test.
Compelling Reason #2: Take the FREE practice test as many times as you like.
As part of our unique service we offer you unlimited FREE practice attempts for your typing test. That's right, by trying our typing tests completely FREE you'll see your results and receive a sample certificate.
When you use a FREE online typing test no one knows how you did on the test but you. What this does is eliminate all the pressure and it gives you a positive idea of how well you'll score on an employer's typing test.
Even if you think you are a good typist it's a good idea to use our FREE typing test at TypingCertification.com just to make sure of your standing.
To get started simply set up a FREE account, log in, and start taking the FREE typing test. The FREE typing tests were developed to accommodate and reflect all the pressures associated with the job marketplace. So we'll defiantly get you on the front foot when it counts.
Yes I'd like to take my FREE typing tests Right Now!
This is the best typing test I've ever taken. It is so helpful, and I love the free tests. These tests are also so much fun!
I got 42-words per-minute and 0 mistakes. Thank you so much.
-- Taura Golafshan (age 21), Ohio.
--Greg Parvin (age 19), Hobart, Tasmania.
Thank you for the free sample typing. This is a good way for people to check their skill and see if they would like to advance with your classes and other offers.
Compelling Reason #3: My Complete No Risks, Iron Clad, 100% Double Guarantee: If My Typing Tests Don't Deliver You Don't Pay A Cent!
No One Dares To Guarantee Their Typing Certificates Will Be Accepted By Any Employer… But I Do!
FIRST: I guarantee that if you are not able to complete the testing, I will either credit you with bonus replacement typing tests or completely refund your money.
Plus, if for any reason at any point during the testing process you are not happy and decide to not proceed prior to receiving you typing certificate I will refund your money.
Free credits will also be given if technical difficulties are encountered like browser crashes.
SECOND Life Time Guarantee: In the unlikely event of your typing certificate issued by TypingCertification.com not being accepted by employers I will refund your money Immediately!
That goes to show how fully confidant we are in our ability to provide a top quality, efficient and unique typing testing site.
So if you are not happy for any reason at all you can still get a no questions asked, no risks cover on any testing we do. Now I couldn't be fairer than that could I?
Compelling Reason #4: My Limited FREE eBook Offer!
My FREE LIMITED TIME eBOOK OFFER: For this month only, buy 4 tests at the incredibly low price of $12.90 and get the "10 Insider Secrets to Job Hunting Success – Everything You Need to Get the Job in 24 Hours or Less" Valued at $19.95!
This incredible resource means a lot to me but I thought it was only fair to offer it to you my valued client as way of saying thank you for doing business with me.
Compelling Reason #5: People Like You With Keyboarding Skills Are Never Going To Be Left Out In the Cold Because They Have Advanced Typing Ability.
Today most people use computers, and the typewriter has become a fixture in the corner of the mailroom in most places. But that doesn't mean that typing skills are obsolete.
In fact, where typing speed and accuracy were once required only by administrative and clerical staff, almost every job today requires being able to use a computer keyboard accurately. And that makes typing test like ours more important than ever.
A typing test measures both the speed and accuracy of a typist under limited conditions. It's not acceptable to be fast and sloppy, or slow and accurate. You have to be best at both…and we'll get you there.
Compelling Reason #6:Special Offer For Corporate Users.
At present we are running a special offer for corporate users where if you order 34 tests at $118.15 then email me a notice of payment I will credit you a total of 50 tests at the outrageous value of $2.36 a test.
Simply sign up and choose a user name and password that you can supply to test takers. Upon completion they get a certificate that is automatically generated for printing.
They also get a copy of the score with a link to the certificate from an email address of your choosing. Now that's a bargain in anyone's language!
Compelling Reason #7: TypingCertification.com Gives You A True and Honest Assessment of Your Typing Ability.
If anything we are quite strict, so if you can type at 40 words-per-minute with us then you can certainly type at 40 words-per-minute. We believe you can probably type faster than that, as our test is difficult rather than easy, like some other online tests.
This is why we allow FREE practice tests before you pay one cent for your "official" test.
There have been others who have tried to mimic us because we were the first and most successful website in the world for developing and testing typing skills. And we believe there is still inly only one TypingCertification.com.
We have been testing and certifying typists and keyboarders for companies and government employees for many years and will continue to lead the field.
I'll go ahead and take the quick & easy FREE tests Now!
I just wanted to thanks heaps for looking after me and giving more confidence in my typing skills. Although I didn't quite get to 40 words-per-minutes for this new job, I went from 30 to 39. So thank you for the opportunity. .
Thank you Ian for your excellent customer service, I'm a devout advocate.
*Full Name not use as a privacy measure for this client.
* If you're not willing to change your attitude to finding a job immediately and step into a brighter future, then I can't help you.
* If you have a closed mind and you are already thinking, "this won't work for me" then please don't register…you're just taking someone's spot who wants our assistance.
* If you want the cheapest service you can get and pay the lowest possible price to change your employment potential, then please don't register, We work with people who respect our ability to instantly improve their typing skills and are willing to pay the small amount we charge to see that happen!
However if you're a person who wants the best and who is willing to let us help you dramatically upgrade your typing and keyboarding skills then I urge you to register right now.
That sounds great I'd like to take the free test Now!
Remember there are unlimited FREE tests and loads of FREE tutorial typing games and learning materials available so you can improve your typing skills quickly and easily in a fun and exciting way before you even pay one cent! And your certificate is completely…Guaranteed!
Why settle for anything less than a truly rewarding life?
With great typing and keyboarding skills the world can be your oyster…and you'll have your cake and eat it too.
And what's better, the change and development is fast and for a lifetime…with only a little effort on your behalf.
There's absolutely no reason why you should keep struggling and suffering the disappointment of missing out on employment.
You know there is so much more to this life of yours. While you linger without improving your abilities you're only "half living" and you're missing out on all the good things that should be yours.
You don't have to go on banging your head against a brick wall and missing out on work opportunities because you can't type with the efficiency you desire.
If you don't make a stand right now nothing, absolutely nothing will change.
If everything were sweet and rosy in your life and money poured in out of nowhere you wouldn't be reading this letter. So you have taken the first step…and first step is awareness.
You've acknowledged that you need to improve your keyboarding and typing skills to get work and I admire you for your courage.
I agree please test me right now!
Whatever it is that you want, whether you want a promotion or a new job to bring in regular income that's been missing in your life…you will greatly improve your opportunities and horizons…with my unique typing and keyboarding skills and development online site.
Experience the thrill of actually getting your typing skills up to speed and accuracy and landing that new job or promotion because you've impressed your employer. The rewards are waiting for you.
I look forward to you joining me and so many of my satisfied members at TypingCertification.com.
P.S. Remember your Typing Certificate is full guaranteed, so if for some unusual reason an employer does not accept it you don't risk one cent. That's how confident I am that you'll be happy with your results.
P.P.S. And please don's forget my FREE LIMITED TIME eBOOK OFFER: For this month only, buy 4 tests at the incredibly low price of $12.95 and get the "10 Insider Secrets to Job Hunting Success – Everything You Need to Get the Job in 24 Hours or Less" Valued at $19.95!
P.P.P.S. For corporate users please usually order in multiples of our FOUR tests for $14.75 , you only pay $3.48 each to remote test your candidates.
However this month, just sign up and email us for 5 FREE credits to test our system!


J. Wittfoth's digital and finely detailed H0 layout represents an electrified railway station in the mountains where most of the trains are pulled by Austrian and Italian electric locomotives. Train operation is modelled on that of the Brenner railway, era IV to V, with old school electric locomotives - shunting, double traction, banking engine. And the icing on the cake: an H0e mini railway based on the Lasa Marble Railway in South Tyrol at the time of electric operation. The originals were intentionally not copied too strictly to allow for creative freedom. The layout has been popular with children now for 24 years, being well known for the 'gummi bears' which are of course realistically "unloaded" at the ramp, and for its hearty sound effects. There are many quirky and subtle little scenes to be discovered if spectators take a close look.


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redpajama_set_name: RedPajamaGithub


Air Surveillance Radars | SRC, Inc.
SRC develops air surveillance radars to detect, locate, track, and classify a wide range of targets — from traditional fixed and rotary wing aircraft to non-traditional targets like ultralights, unmanned aircraft systems (also known as unmanned aerial vehicles, or UAVs, and often referred to by the media as drones) and even birds.
Our radars range from small, low power systems to larger, more powerful ones. All are designed to be network ready for easy integration into C2 systems and can be outfitted with cameras and secondary surveillance radars for enhanced capability. Each radar can be configured for fixed site, transportable (using shipping cases) or mobile (vehicle mounted) applications. Our logistics experts provide support so that our customers are always ready for their missions.
Learn about our dedicated labs and chambers used for sophisticated research and development on air surveillance radars.
Learn about our modeling & simulation capabilities for developing radar systems.
For more information about our air surveillance radar capabilities, please contact us today.


Organized classically by system, this popular text gives medical and health professions students a complete, clinically oriented introduction to neuroanatomy.
Each chapter begins with clear objectives, includes clinical cases, and ends with clinical notes, clinical problem-solving, and review questions. Hundreds of full-color illustrations, diagnostic images, and color photographs enhance the text.


text:
Indicate by check mark whether the registrant (1) has 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 the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:
☐(Do not check if a smaller reporting company)
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. þ
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ
The number of shares of the registrant's common stock outstanding at October 31, 2017 was 16,913,697.
Notes to Unaudited Condensed Consolidated Financial Statements
Chuy's Holdings, Inc.
Tradename
Commitments and contingencies (note 7)
Common stock, $0.01 par value; 60,000,000 shares authorized; 16,906,760 shares issued and outstanding at September 24, 2017 and 16,839,348 shares issued and outstanding at December 25, 2016
Preferred stock, $0.01 par value; 15,000,000 shares authorized and no shares issued or outstanding at September 24, 2017 and December 25, 2016
See notes to the Unaudited Condensed Consolidated Financial Statements
Thirteen Weeks Ended
Thirty-Nine Weeks Ended
Closure costs
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of loan origination costs
Loss on disposal of property and equipment
Amortization of deferred lease incentives
Changes in operating assets and liabilities:
Accrued liabilities and deferred rent
Purchase of property and equipment
Purchase of other assets
Proceeds from the exercise of stock options
Indirect repurchase of shares for minimum tax withholdings
Net increase in cash and cash equivalents
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment and other assets acquired by accounts payable
Supplemental cash flow disclosures:
Cash paid for interest
Cash paid for income taxes
(Tabular dollar amounts in thousands, except share and per share data)
Chuy's Holdings, Inc. (the "Company" or "Chuy's") develops and operates Chuy's restaurants throughout the United States. Chuy's is a fast-growing, full-service restaurant concept offering a distinct menu of authentic, freshly-prepared Mexican and Tex-Mex inspired food. As of September 24, 2017, the Company operated 86 restaurants in 19 states.
In the opinion of management, the accompanying unaudited condensed consolidated financial statements and the related notes reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Company's financial position, results of operations and cash flows for the periods presented. The unaudited condensed consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles ("GAAP"), except that certain information and notes have been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission (the "SEC"). Results for interim periods are not necessarily indicative of the results that may be expected for the full fiscal year. The unaudited condensed consolidated financial statements should be read in conjunction with consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended December 25, 2016. The accompanying condensed consolidated balance sheet as of December 25, 2016, has been derived from our audited consolidated financial statements.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the period. Actual results could differ from those estimates.
The Company operates on a 52- or 53- week fiscal year that ends on the last Sunday of the calendar year. Each quarterly period has 13 weeks, except for a 53-week year when the fourth quarter has 14 weeks. Our 2017 fiscal year will consist of 53 weeks and our 2016 fiscal year consisted of 52 weeks.
2. Recent Accounting Pronouncements
In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, "Leases (Topic 842)." This update requires a lessee to recognize on the balance sheet the right-of-use assets and lease liabilities for leases with a lease term of more than twelve months. This update also requires additional disclosures about the amount, timing, and uncertainty of cash flows arising from leases. This ASU is effective for interim and annual periods beginning after December 15, 2018 and requires a modified retrospective approach to adoption for lessees existing at, or entered into after the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available.
We had operating leases with remaining rental payments of approximately $337.4 million as of December 25, 2016. The discounted minimum remaining rental payments will be the starting point for determining the assets and liabilities for the rights and obligations created by those leases. While the Company is still evaluating the guidance and its impact on its consolidated financial statements, we expect the adoption of this standard will have a significant impact on the Company's consolidated balance sheet as it will recognize the right-of-use assets and liabilities for current operating leases. The Company does not expect the adoption of the guidance to have a material impact on the consolidated statement of cash flows, net income or overall liquidity.
In May 2014, the FASB issued ASU 2014-09, "Revenue with Contracts from Customers (Topic 606)." ASU 2014-09 supersedes the current revenue recognition guidance, including industry-specific guidance. The guidance introduces a five-step model to achieve its core principal of the entity recognizing revenue to depict the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU is effective for interim and annual periods beginning after December 15, 2017 and early adoption is permitted only for interim and annual periods beginning after December 15, 2016. In regards to implementation, the Company is currently evaluating the guidance and it does not expect the adoption of this ASU to have a material impact on the Company's consolidated financial statements.
In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting (Topic 718)." This update simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This ASU was effective for interim and annual periods beginning after December 15, 2016. The Company adopted ASU 2016-09 in the first quarter of 2017 and elected to apply this adoption prospectively. All excess tax benefits and deficiencies are recognized in the income tax
Notes to Unaudited Condensed Consolidated Financial Statements (Continued)
expense line item on the Company's consolidated income statements, and are included within the changes in the income tax receivable line item on the consolidated statement of cash flows. The Company has elected to recognize forfeitures for awards with a requisite service period as they occur. The adoption of this ASU was immaterial to the Company's consolidated financial statements.
The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on the Company's consolidated financial statements.
3. Net Income Per Share
The number of shares and net income per share data for all periods presented are based on the historical weighted-average shares of common stock outstanding.
Basic net income per share of the Company's common stock is computed by dividing net income by the weighted-average number of shares of common stock outstanding for the period.
Diluted net income per share of the Company's common stock is computed on the basis of the weighted-average number of shares of common stock plus the effect of dilutive potential shares of common stock equivalents outstanding during the period using the treasury stock method for dilutive options and deferred shares (these deferred shares were granted under the Chuy's Holdings, Inc. 2012 Omnibus Equity Incentive Plan (the "2012 Plan"), and are referred to herein as "restricted stock units"). For the thirteen weeks ended September 24, 2017 and September 25, 2016, there were approximately 100,000 and 1,000 shares, respectively, of common stock equivalents that were excluded from the calculation of diluted net income per share because their inclusion would have been anti-dilutive. For the thirty-nine weeks ended September 24, 2017 and September 25, 2016, there were approximately 32,000 and 1,000 shares, respectively, of common stock equivalents that were excluded from the calculation of diluted net income per share because their inclusion would have been anti-dilutive.
The computation of basic and diluted earnings per share is as follows:
Weighted-average common shares outstanding
Basic net income per common share
Dilutive effect of stock options and restricted stock units
Weighted-average of diluted shares
Diluted net income per common share
4. Stock-Based Compensation
The Company has outstanding awards under the Chuy's Holdings, Inc. 2006 Stock Option Plan (the "2006 Plan") and the 2012 Plan. Options granted under these plans vest over five years from the date of grant and have a maximum term of 10 years. Restricted stock units granted under the 2012 Plan vest over four to five years from the date of grant. As of September 24, 2017, a total of 706,136 shares of common stock are reserved and remain available for issuance under the 2012 Plan.
Stock-based compensation cost recognized in the accompanying condensed consolidated income statements was approximately $747,000 and $565,000 for the thirteen weeks ended September 24, 2017 and September 25, 2016, respectively, and $2,102,000 and $1,624,000 for the thirty-nine weeks ended September 24, 2017 and September 25, 2016, respectively.
A summary of stock-based compensation activity related to stock options for the thirty-nine weeks ended September 24, 2017 are as follows:
Intrinsic
Forfeited
Exercisable at September 24, 2017
The aggregate intrinsic value in the table above is obtained by subtracting the exercise price from the estimated fair value of the underlying common stock as of September 24, 2017 and multiplying this result by the related number of options outstanding and exercisable at September 24, 2017. The estimated fair value of the common stock as of September 24, 2017 used in the above calculation was $20.15 per share, the closing price of the Company's common stock on September 22, 2017, the last trading day of the third quarter. The total intrinsic value of options exercised during the thirty-nine weeks ended September 24, 2017 was approximately $370,000. The fair value of options vested during the thirty-nine weeks ended September 24, 2017 was approximately $305,000.
There was approximately $133,000 of total unrecognized compensation costs related to options granted under the 2006 Plan and the 2012 Plan as of September 24, 2017. These costs will be recognized ratably over the next three years.
Restricted Stock Units
A summary of stock-based compensation activity related to restricted stock units for the thirty-nine weeks ended September 24, 2017 are as follows:
(Year)
The fair value of the restricted stock units is the quoted market value of our common stock on the date of grant. As of September 24, 2017, total unrecognized stock-based compensation expense related to non-vested restricted stock units was approximately $6.1 million, which is expected to be recognized ratably over the next five years.
5. Long-Term Debt
On November 30, 2012, the Company entered into a $25.0 million Revolving Credit Facility with Wells Fargo Bank, National Association. On October 30, 2015, the Company entered into an amendment to its Revolving Credit Facility to, among other things, (1) extend the maturity date of the Revolving Credit Facility to October 30, 2020 from November 30, 2017 and (2) revise the applicable margins and leverage ratios that determine the commitment fees and interest rates payable by the Company under the Revolving Credit Facility.
Under the Company's Revolving Credit Facility, the Company may request to increase the size of the Revolving Credit Facility by up to an additional $25.0 million, in minimum principal amounts of $5.0 million or the remaining amount of the $25.0 million if
less than $5.0 million (the "Incremental Revolving Loan"), which Incremental Revolving Loan will be effective after 10 days written notice to the agent. In the event that any of the lenders fund the Incremental Revolving Loan, the terms and provisions of the Incremental Revolving Loan will be the same as under the Company's Revolving Credit Facility.
Borrowings under the Revolving Credit Facility generally bear interest at a variable rate based upon the Company's election, of (i) the base rate (which is the highest of prime rate, federal funds rate plus 0.5% or one month LIBOR plus 1.0%), or (ii) LIBOR, plus, in either case, an applicable margin based on the Company's consolidated total lease adjusted leverage ratio (as defined in the Revolving Credit Facility agreement). The Revolving Credit Facility also requires payment for commitment fees that accrue on the daily unused commitment of the lender at the applicable margin, which varies based on the Company's consolidated total lease adjusted leverage ratio.
The Revolving Credit Facility also requires compliance with a fixed charge coverage ratio, a lease adjusted leverage ratio and certain non-financial covenants. The Revolving Credit Facility also places certain restrictions on the payment of dividends and distributions. Under the Revolving Credit Facility, the Company may declare and make dividend payments so long as (i) no default or event of default has occurred and is continuing or would result therefrom and (ii) immediately after giving effect to any such dividend payment, on a pro forma basis, the lease adjusted leverage ratio does not exceed 3.50 to 1.00.
The obligations under the Company's Revolving Credit Facility are secured by a first priority lien on substantially all of the Company's assets. As of September 24, 2017 the Company had no borrowings under our Revolving Credit Facility.
6. Accrued Liabilities
The major classes of accrued liabilities at September 24, 2017 and December 25, 2016 are summarized as follows:
Accrued compensation and related benefits
Other accruals
Deferred gift card revenue
Accrued closure costs
Total accrued liabilities
7. Commitments and Contingencies
We are involved in various legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on our condensed consolidated financial position, results of operations, or cash flows.
8. Subsequent events
Subsequent to September 24, 2017, the Company opened two new restaurants for a total of 88 restaurants, in 19 states.
Subsequent to the end of the third quarter, the Company's Board of Directors approved a share repurchase program under which it authorized the Company, at its discretion, to repurchase up to $30 million of its common shares outstanding through December 31, 2019. Repurchases of the Company's outstanding common stock will be made in accordance with applicable securities laws and may be made at management's discretion from time to time in the open market, through privately negotiated transactions or otherwise, including pursuant to Rule 10b5-1 trading plans. There is no guarantee as to the exact number of shares to be repurchased by the Company. The timing and extent of repurchases will depend upon several factors, including market and business conditions, regulatory requirements and other corporate considerations, and repurchases may be discontinued at any time.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with our unaudited condensed consolidated financial statements and accompanying notes. Unless otherwise specified, or the context otherwise requires, the references in this report to "Chuy's," "our Company," "the Company," "us," "we" and "our" refer to Chuy's Holdings, Inc. together with its subsidiary.
The following discussion contains, in addition to historical information, forward-looking statements that include risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those set forth under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 25, 2016 (our "Annual Report") and those set forth under "Cautionary Statements Concerning Forward-Looking Statements" in this report.
The following discussion summarizes the significant factors affecting the consolidated operating results, financial condition, liquidity and cash flows of our Company as of and for the periods presented below. The following discussion and analysis should be read in conjunction with our Annual Report and the unaudited condensed consolidated financial statements and the accompanying notes thereto included herein.
We are a fast-growing, full-service restaurant concept offering a distinct menu of authentic, freshly-prepared Mexican and Tex-Mex inspired food. We were founded in Austin, Texas in 1982 and, as of September 24, 2017, we operated 86 Chuy's restaurants across 19 states.
We are committed to providing value to our customers through offering generous portions of made-from-scratch, flavorful Mexican and Tex-Mex inspired dishes. We also offer a full-service bar in all of our restaurants providing our customers a wide variety of beverage offerings. We believe the Chuy's culture is one of our most valuable assets, and we are committed to preserving and continually investing in our culture and our customers' restaurant experience.
Deliver consistent same store sales through providing high-quality food and service; and
As of September 24, 2017, we opened seven new restaurants year-to-date and we also opened two additional restaurant subsequent to September 24, 2017. We have an established presence in Texas, the Southeast and the Midwest, with restaurants in multiple large markets in these regions. Our growth plan over the next five years focuses on developing additional locations in our existing core markets and major markets while continuing to "backfill" our existing markets in order to build our brand awareness.
Number of Restaurant Openings. Number of restaurant openings reflects the number of restaurants opened during a particular fiscal period. For restaurant openings we incur pre-opening costs, which are defined below, before the restaurant opens. Typically, new restaurants open with an initial start-up period of higher than normalized sales volumes, which decrease to a steady level approximately six to twelve months after opening. However, operating costs during this initial six to twelve month period are also higher than normal, resulting in restaurant operating margins that are generally lower during the start-up period of operation and increase to a steady level approximately nine to twelve months after opening.
Comparable Restaurant Sales. We consider a restaurant to be comparable in the first full quarter following the 18th month of operations. Changes in comparable restaurant sales reflect changes in sales for the comparable group of restaurants over a specified period of time. Changes in comparable sales reflect changes in average weekly customer trends as well
as changes in average check. Our comparable restaurant base consisted of 67 and 58 restaurants at September 24, 2017 and September 25, 2016, respectively.
Average comparable unit volumes (in thousands)
We operate on a 52- or 53-week fiscal year that ends on the last Sunday of the calendar year. Each quarterly period has 13 weeks, except for a 53-week year when the fourth quarter has 14 weeks. Our 2017 fiscal year will consist of 53 weeks and our 2016 fiscal year consisted of 52 weeks.
Revenue. Revenue primarily consists of food and beverage sales and also includes sales of our merchandise. Revenue is presented net of discounts associated with each sale. Revenue in a given period is directly influenced by the number of operating weeks in such period, the number of restaurants we operate and comparable restaurant sales growth.
Cost of Sales. Cost of sales consists of food, beverage and merchandise related costs. The components of cost of sales are variable in nature, change with sales volume and are subject to increases or decreases based on fluctuations in commodity costs.
Labor Costs. Labor costs include restaurant management salaries, front-and back-of-house hourly wages, restaurant-level manager bonus expense and payroll taxes.
Operating Costs. Operating costs consist primarily of restaurant-related operating expenses, such as supplies, utilities, repairs and maintenance, travel, insurance, employee benefits, credit card fees, recruiting, delivery service and security. These costs generally increase with sales volume but decline as a percentage of revenue.
Marketing. Marketing costs include costs associated with our local restaurant marketing programs, community service and sponsorship activities, our menus and other promotional activities.
Restaurant Pre-opening Costs. Restaurant pre-opening costs consist of costs incurred before opening a restaurant, including manager salaries, relocation costs, supplies, recruiting expenses, initial new market public relations costs, pre-opening activities,
employee payroll and related training costs for new employees. Restaurant pre-opening costs also include rent recorded during the period between date of possession and the restaurant opening date.
Depreciation and Amortization. Depreciation and amortization principally include depreciation on fixed assets, including equipment and leasehold improvements, and amortization of certain intangible assets for our restaurants.
Potential Fluctuations in Quarterly Results and Seasonality
Our quarterly operating results may fluctuate significantly as a result of a variety of factors, including the timing of new restaurant openings and related expenses, profitability of new restaurants, weather, increases or decreases in comparable restaurant sales, general economic conditions, consumer confidence in the economy, changes in consumer preferences, competitive factors, changes in food costs, changes in labor costs and changes in gas prices. In the past, we have experienced significant variability in restaurant pre-opening costs from quarter to quarter primarily due to the timing of restaurant openings. We typically incur restaurant pre-opening costs in the five months preceding a new restaurant opening. In addition, our experience to date has been that labor and direct operating costs associated with a newly opened restaurant during the first several months of operation are often materially greater than what will be expected after that time, both in aggregate dollars and as a percentage of restaurant sales. Accordingly, the number and timing of new restaurant openings in any quarter has had, and is expected to continue to have, a significant impact on quarterly restaurant pre-opening costs, labor and direct operating costs.
Our business also is subject to fluctuations due to seasonality and adverse weather. The spring and summer months have traditionally had higher sales volume than other periods of the year. Timing of holidays, severe winter weather, hurricanes, thunderstorms and similar conditions may impact restaurant unit volumes in some of the markets where we operate and may have a greater impact should they occur during our higher volume months. As a result of these and other factors, our financial results for any given quarter may not be indicative of the results that may be achieved for a full fiscal year.
Thirteen Weeks Ended September 24, 2017 Compared to Thirteen Weeks Ended September 25, 2016
The following table presents, for the periods indicated, the condensed consolidated statement of operations (in thousands):
$ Change
* Not meaningful
Revenue. Revenue increased $6.6 million, or 7.7%, to $92.2 million for the thirteen weeks ended September 24, 2017 from $85.6 million for the comparable period in 2016. This increase was primarily driven by $11.3 million in incremental revenue from an additional 136 operating weeks provided by 12 new restaurants opened during and subsequent to the thirteen weeks ended
September 25, 2016. This increase was partially offset by a $1.2 million decrease in revenue related to hurricanes Harvey and Irma, the loss of six operating weeks due to the closing of the Charlotte, NC location during the third quarter of 2016 and our non-comparable restaurants that are not included in the incremental revenue discussed above. Revenue for non-comparable restaurants is historically lower as the restaurants transition out of the 'honeymoon' period that follows a restaurant's initial opening.
Comparable restaurant sales decreased 2.1% for the thirteen weeks ended September 24, 2017 compared to the thirteen weeks ended September 25, 2016. The decrease in comparable restaurant sales was primarily driven by a 3.7% decrease in average weekly customers, partially offset by a 1.6% increase in average check. Comparable restaurant sales were negatively impacted by 90 basis points related to hurricanes Harvey and Irma. Our total revenue mix attributed to bar sales was 18.4% during the thirteen weeks ended September 24, 2017 and during the comparable period in 2016.
Cost of Sales. Cost of sales as a percentage of revenue increased to 26.7% during the thirteen weeks ended September 24, 2017 from 26.3% during the comparable period in 2016, primarily as a result of increases in produce of approximately 40 basis points, chicken of approximately 40 basis points, and grocery costs of approximately 10 basis points, partially offset by decreases in beef of approximately 50 basis points.
Labor Costs. Labor costs as a percentage of revenue increased to 35.2% during the thirteen weeks ended September 24, 2017 from 33.3% during the comparable period in 2016, primarily due to new store labor inefficiencies, new store manager training, as a result of delayed new store openings, deleverage resulting from negative comparable restaurant sales, and hourly labor rate inflation of approximately 2.0%.
Operating Costs. Operating costs as a percentage of revenue increased to 14.3% during the thirteen weeks ended September 24, 2017 from 14.0% during the comparable period in 2016 primarily due to higher repairs and maintenance costs of approximately 10 basis points; higher insurance costs of approximately 10 basis points; higher credit card fees and delivery service charges of approximately 10 basis points.
Occupancy Costs. Occupancy costs as a percentage of revenue increased to 7.0% during the thirteen weeks ended September 24, 2017 from 6.7% during the comparable period in 2016, primarily as a result of higher rental expense at certain newly opened restaurants as we continue our expansion into larger markets and reduced operating leverage on existing stores.
General and Administrative Expenses. General and administrative expenses increased $0.7 million, or 16.5%, to $4.8 million for the thirteen weeks ended September 24, 2017 compared to the comparable period in 2016. This increase was primarily driven by a $0.5 million increase in management salaries and equity compensation due to additional headcount to support our growth, $0.1 million increase in rental, maintenance and utility costs as a result of our office space expansion, $0.1 million increase in professional fees as well as $0.1 million increase in various other costs. These increases were partially offset by a $0.1 million decrease in performance based bonuses.
Restaurant Pre-opening Costs. Restaurant pre-opening costs remained relatively flat at $1.2 million during the thirteen weeks ended September 24, 2017 compared to the same period in 2016. During the thirteen weeks ended September 24, 2017, we incurred pre-opening costs for two new restaurants and pre-opening costs for six more new restaurants that will open in the fourth quarter of 2017 or later. During the comparable period in 2016, we incurred pre-opening costs for three new restaurants and pre-opening costs for four new restaurants that opened in the fourth quarter of 2016 or later.
Impairment and closure costs. During the thirteen weeks ended September 25, 2016 we recorded $0.4 million of closure costs related to one restaurant that was closed and relocated. In the third quarter of 2017, we incurred losses and damages related to the hurricanes, including temporary closures of several restaurants, one of which is expected to remain closed until the middle of the fourth quarter of 2017. The losses incurred were fully offset by the recovery proceeds expected from our insurance. We estimate additional insurance proceeds relating to the hurricanes to result in a gain to be recorded in the fourth quarter of 2017.
Depreciation and Amortization. Depreciation and amortization costs increased $0.7 million to $4.5 million during the thirteen weeks ended September 24, 2017 from $3.8 million during the comparable period in 2016, primarily as the result of an increase in equipment and leasehold improvement costs associated with our new restaurants.
Income Tax Expense. For the thirteen weeks ended September 24, 2017 our effective tax rate decreased to approximately 23.4% from approximately 31.6% during the comparable period in 2016. The decrease in our effective tax rate is primarily related to an increase in employee tax credits in proportion to taxable income.
Net Income. As a result of the foregoing, net income decreased 30.5% to $3.2 million during the thirteen weeks ended September 24, 2017 from $4.6 million during the comparable period in 2016.
Thirty-Nine Weeks Ended September 24, 2017 Compared to Thirty-Nine Weeks Ended September 25, 2016
Revenue. Revenue increased $22.0 million, or 8.7%, to $273.6 million for the thirty-nine weeks ended September 24, 2017 from $251.6 million for the comparable period in 2016. This increase was primarily driven by $33.9 million in incremental revenue from an additional 427 operating weeks provided by 19 new restaurants opened during and subsequent to the thirty-nine weeks ended September 25, 2016. These increases were partially offset by a $1.2 million decrease in revenue related to hurricanes Harvey and Irma, the loss of 32 operating weeks due to the closing of the Charlotte, NC location during the third quarter of 2016 and our non-comparable restaurants that are not included in the incremental revenue discussed above. Revenue for non-comparable restaurants is historically lower as the stores transition out of the 'honeymoon' period that follows a restaurant's initial opening.
Comparable restaurant sales decreased 1.2% for the thirty-nine weeks ended September 24, 2017 compared to the thirty-nine weeks ended September 25, 2016. The decrease in comparable restaurant sales was primarily driven by a 2.8% decrease in average weekly customers, partially offset by a 1.5% increase in average check. We estimate comparable restaurant sales were negatively impacted by 30 basis points related to hurricanes Harvey and Irma. Our total revenue mix attributed to bar sales was 18.7% during the thirty-nine weeks ended September 24, 2017 compared to 18.5% during the comparable period in 2016.
Cost of Sales. Cost of sales as a percentage of revenue increased to 25.9% during the thirty-nine weeks ended September 24, 2017 from 25.8% during the comparable period in 2016. This increase is primarily due to increases in chicken of approximately 30 basis points, dairy of approximately 20 basis points, produce of approximately 10 basis points and grocery costs of approximately 10 basis points, partially offset by decreases in beef of approximately 50 basis points.
Labor Costs. Labor costs as a percentage of revenue increased to 34.3% during the thirty-nine weeks ended September 24, 2017 from 32.9% during the comparable period in 2016, primarily due to new store labor inefficiencies, new store manager training, as a result of delayed new store openings, deleverage resulting from negative comparable restaurant sales and hourly labor rate inflation of approximately 2.6%.
Operating Costs. Operating costs as a percentage of revenue increased to 14.0% during the thirty-nine weeks ended September 24, 2017 from 13.7% during the comparable period in 2016, primarily due to increases in repairs and maintenance costs of approximately 10 basis points, utility costs of approximately 20 basis points, higher credit card fees and delivery service charges of approximately 10 basis points, offset by a decrease in supply costs of approximately 10 basis points.
Occupancy Costs. Occupancy costs as a percentage of revenue increased to 6.9% during the thirty-nine weeks ended September 24, 2017 from 6.6% during the comparable period in 2016, primarily as a result of higher rental expense at certain newly opened restaurants as we continue our expansion into larger markets.
General and Administrative Expenses. General and administrative expenses increased $0.9 million, or 6.3%, to $14.4 million for the thirty-nine weeks ended September 24, 2017 from $13.5 million during the comparable period in 2016. This increase was primarily driven by an increase in management salaries and equity compensation of $1.4 million due to additional headcount to support our growth, offset by a $1.0 million decrease in performance based bonuses as well as $0.3 million increase in rental, maintenance and utility costs as a result of our office space expansion and $0.1 million increase in professional fees.
Restaurant Pre-opening Costs. Restaurant pre-opening costs remained relatively flat at $4.1 million during the thirty-nine weeks ended September 24, 2017 compared to the same period in 2016. During the thirty-nine weeks ended September 24, 2017, we incurred pre-opening costs for seven new restaurants that opened and for six new restaurants that will open in the fourth quarter of 2017 or later. During the comparable period in 2016, we incurred pre-opening costs for nine new restaurants and pre-opening costs for four new restaurants that opened in the fourth quarter of 2016 or later.
Impairment and closure costs. During the thirty-nine weeks ended September 25, 2016 we recorded $0.4 million of closure costs related to one restaurant that was closed and relocated. In the third quarter of 2017, we incurred losses and damages related to the hurricanes, including temporary closures of several restaurants, one of which is expected to remain closed until the middle of the fourth quarter of 2017. The losses incurred were fully offset by the recovery proceeds expected from our insurance. We project additional insurance proceeds relating to the hurricanes to result in a gain be recorded in the fourth quarter of 2017.
Depreciation and Amortization. Depreciation and amortization costs increased $1.9 million to $13.0 million during the thirty-nine weeks ended September 24, 2017 from $11.0 million during the comparable period in 2016, primarily as the result of an increase in equipment and leasehold improvement costs associated with our new restaurants.
Income Tax Expense. For the thirty-nine weeks ended September 24, 2017 our effective tax rate decreased to 27.2% from 30.7% during the comparable period in 2016. The decrease in our effective tax rate is primarily related to an increase in employee tax credits in proportion to taxable income.
Net Income. As a result of the foregoing, net income decreased 12.3% to $13.1 million during the thirty-nine weeks ended September 24, 2017 from $14.9 million during the comparable period in 2016.
Our principal sources of cash are net cash provided by operating activities, which includes tenant improvement allowances from our landlords, and borrowings under our $25.0 million Revolving Credit Facility. Our need for capital resources is driven by our restaurant expansion plans, ongoing maintenance of our restaurants, investment in our corporate and information technology infrastructure and obligations under our operating leases. Based on our current growth plans, we believe our expected cash flows from operations, expected tenant improvement allowances and available borrowings under our Revolving Credit Facility will be sufficient to finance our planned capital expenditures and other operating activities for at least the next twelve months.
Our liquidity may be adversely affected by a number of factors, including a decrease in customer traffic or average check per customer due to changes in economic conditions.
Cash Flows for Thirty-Nine Weeks Ended September 24, 2017 and September 25, 2016
The following table summarizes the statement of cash flows for the thirty-nine weeks ended September 24, 2017 and September 25, 2016 (in thousands):
Operating Activities. Net cash provided by operating activities increased $1.6 million to $34.3 million for the thirty-nine weeks ended September 24, 2017 from $32.7 million during the comparable period in 2016. Our business is almost exclusively a cash business. Almost all of our receipts come in the form of cash and cash equivalents and a large majority of our expenditures are paid within a 30 day period. The increase in net cash provided by operating activities was primarily due to increases in non-cash reconciling items of $3.2 million and net increase in operating assets and liabilities, or working capital, of $0.3 million, partially offset by a decrease in net income of $1.8 million. The increase in non-cash items of $3.2 million was primarily due to a $3.2 million increase from excess tax benefits, $1.9 million increase related to depreciation and amortization, partially offset by a $1.8 million decrease related to deferred income taxes. The increase in working capital of $0.3 million was primarily due to $4.1 million increase in cash related income tax receivables, a $1.0 million increase in cash related to changes in prepaid expenses and other current assets, partially offset by a $4.6 million decrease in cash related to accrued liabilities and deferred rent.
Investing Activities. Net cash used in investing activities decreased $1.2 million to $30.3 million for the thirty-nine weeks ended September 24, 2017 from $31.5 million during the comparable period in 2016. The decrease was primarily due to the timing of our construction schedule and the related construction payments associated with our seven new restaurants that opened during the thirty-nine weeks ended September 24, 2017, as well as expenditures related to future restaurant openings, maintaining our existing restaurants and other projects.
Financing Activities. Net cash used by financing activities was $0.3 million for the thirty-nine weeks ended September 24, 2017 compared to $4.2 million provide by financing activities during the comparable period in 2016. Net cash used by financing activities during the thirty-nine weeks ended September 24, 2017 consisted of repurchases of our stock for tax payments of $0.5 million, partially offset by proceeds from option exercises of $0.2 million. Net cash provided by financing activities during the thirty-nine weeks ended September 25, 2016 consisted of excess tax benefits from stock-based compensation of $3.2 million and proceeds from option exercises of $1.4 million, partially offset by repurchases of our stock for tax payments of $0.3 million.
As of September 24, 2017, we lease six of our restaurant locations and our corporate offices from entities owned by our founders and one executive officer. We had no other financing transactions, arrangements or other relationships with any unconsolidated affiliates or related parties. Additionally, we had no financing arrangements involving synthetic leases or trading activities involving commodity contracts.
The capital resources required for a new restaurant depend on whether the restaurant is a ground-up construction or a conversion. For our new unit openings, we estimate the cost of a conversion or ground-up buildout will require a total cash investment of $1.9 million to $2.5 million (net of estimated tenant incentives of between zero and $1.0 million). In addition, we target approximately $400,000 to $450,000 per restaurant for restaurant pre-opening costs, however, pre-opening costs for 2017 will exceed this target due to delayed new store openings as a result of delayed construction as well as the impact of the hurricanes. We currently target a cash-on-cash return beginning in the third operating year of 30.0%, and a sales to investment ratio of 1.9:1 for our new restaurants.
For 2017, we currently estimate capital expenditure outlays will range between $36.0 million and $41.0 million, net of agreed upon tenant improvement allowances and excluding approximately $5.5 million to $5.9 million of restaurant pre-opening costs
for new restaurants that are not capitalized. We spent $4.1 million on pre-opening costs during the thirty-nine weeks ended September 24, 2017. These capital expenditure estimates are based on average new restaurant capital expenditures of $2.5 million (net of estimated tenant improvement allowances) for the opening of 11 new restaurants and the reopening of one restaurant that was severely damaged by the hurricane as well as $6.6 million to maintain and remodel our existing restaurants and for general corporate purposes.
Our operations have not required significant working capital and, like many restaurant companies, we generally operate with negative working capital. Restaurant sales are primarily paid for in cash or by credit card, and restaurant operations do not require significant inventories or receivables. In addition, we receive trade credit for the purchase of food, beverages and supplies, therefore reducing the need for incremental working capital to support growth. We had a net working capital surplus of $1.7 million at September 24, 2017 compared to a deficit of $0.4 million at December 25, 2016.
On November 30, 2012, we entered into our $25.0 million Revolving Credit Facility with Wells Fargo Bank, National Association. On October 30, 2015, we entered into an amendment to our Revolving Credit Facility to, among other things, (1) extend the maturity date of the Revolving Credit Facility to October 30, 2020 from November 30, 2017 and (2) revise the applicable margins and leverage ratios that determine the commitment fees and interest rates payable by the Company under the Revolving Credit Facility. As of September 24, 2017 we had no outstanding indebtedness under our Revolving Credit Facility.
Under our Revolving Credit Facility, we may request to increase the size of our Revolving Credit Facility by up to $25.0 million, in minimum principal amounts of $5.0 million or the remaining amount of the $25.0 million if less than $5.0 million (the "Incremental Revolving Loan"), the Incremental Revolving Loan will be effective after 10 days written notice to the agent. In the event that any of the lenders fund the Incremental Revolving Loan, the terms and provisions of the Incremental Revolving Loan will be the same as under our Revolving Credit Facility.
Borrowings under the Revolving Credit Facility generally bear interest at a variable rate based upon our election, of (i) the base rate (which is the highest of prime rate, federal funds rate plus 0.5% or one month LIBOR plus 1.0%), or (ii) LIBOR, plus, in either case, an applicable margin based on our consolidated total lease adjusted leverage ratio (as defined in the Revolving Credit Facility agreement). Our Revolving Credit Facility also requires payment for commitment fees that accrue on the daily unused commitment of the lender at the applicable margin, which varies based on our consolidated total lease adjusted leverage ratio. In addition, the Revolving Credit Facility requires compliance with a fixed charge coverage ratio, a lease adjusted leverage ratio and certain non-financial covenants as well as places certain restrictions on the payment of dividends and distributions. Under the Revolving Credit Facility, Chuy's may declare and make dividend payments so long as (i) no default or event of default has occurred and is continuing or would result therefrom and (ii) immediately after giving effect to any such dividend payment, on a pro forma basis, the lease adjusted leverage ratio does not exceed 3.50 to 1.00.
The obligations under the Company's long-term debt are secured by a first priority lien on substantially all of the Company's assets.
There have been no material changes to our contractual obligations from what was previously disclosed in our Annual Report filed with the SEC.
As of September 24, 2017, we are not involved in any variable interest entities transactions and do not otherwise have any off-balance sheet arrangements.
Significant Accounting Policies
There have been no material changes to the significant accounting policies from what was previously disclosed in our Annual Report filed with the SEC.
For information regarding new accounting pronouncements, see Note 2, Recent Accounting Pronouncements in the notes to our unaudited condensed consolidated financial statements.
Cautionary Statement Concerning Forward-Looking Statements
the timing and amount of repurchases of our common stock, if any, changes to the Company's expected liquidity position and the possibility that the repurchase program may be suspended or discontinued;
The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this report and in our Annual Report. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Any forward-looking statements you read in this report reflect our views as of the date of this report with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to provide revisions to any forward-looking statements should circumstances change, except as may be required by law.
There have been no material changes to our quantitative and qualitative disclosures about market risk from what was previously disclosed in our Annual Report filed with the SEC.
We carried out an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) as of the end of the period covered by this report. Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) were effective as of the end of the period covered by this report.
The design of any system of control is based upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated objectives under all future events, no matter how remote, or that the degree of compliance with the policies or procedures may not deteriorate. Because of its inherent limitations, disclosure controls and procedures may not prevent or detect all misstatements. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.
There have been no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Occasionally, we are a party to various legal actions arising in the ordinary course of our business including claims resulting from "slip and fall" accidents, employment related claims and claims from customers or employees alleging illness, injury or other food quality, health or operational concerns. None of these types of litigation, most of which are covered by insurance, has had a material effect on us in the past. As of the date of this report, we are not a party to any material pending legal proceedings and are not aware of any claims that could have a materially adverse effect on our financial position, results of operations or cash flows.
There have been no material changes from the risk factors previously disclosed in our most recent Annual Report filed with the Securities and Exchange Commission.
The table below provides information with respect to our purchase of shares of our common stock during the three months ended September 24, 2017:
Total Number of Shares Purchased (1)
Average Price Paid Per Share
June 26, 2017 through July 23, 2017
July 24, 2017 through August 20, 2017
August 21, 2017 through September 24, 2017
To satisfy tax withholding obligations associated with the vesting of restricted stock units during the third quarter of 2017, we withheld a total of 507 shares that are included in the total number of shares purchased column above.
101.INS
101.SCH
101.CAL
101.DEF
101.LAB
101.PRE
(Principal Executive Officer)
/s/ Jon W. Howie
Jon W. Howie
Vice President and Chief Financial Officer
(Principal Financial Officer)

redpajama_set_name: RedPajamaCommonCrawl


The Frames will release "Longitude" at the end of June – a compilation of songs chosen by the band, including new versions of Revelate & Fitzcaraldo and a new song called None But I, which you can listen to down below.
For more details including release dates for both CD & Double Vinyl, go to TheFrames.ie.
Across The Line on BBC Radio Ulster did a piece about the Frames celebrating their 25th anniversary. They talked to Colm, Bronagh Gallagher and a bunch of fans. It's about 20 minutes and you can listen here!
The Frames have added a second night in Iveagh Gardens on 5th July! Tickets go on sale for this show on Wednesday 4 February at 9am.


text:
Home People History U.S. History: Biographies Dan Quayle
J. Danforth Quayle
J. Danforth Quayle (born 1947) became the second-youngest member of Congress in history when he was elected to the United States House of Representatives in 1976. He was the first person from the "baby boom" generation to win a spot on a national ticket and was the fifth youngest vice president ever elected in the United States.
Dan Quayle was born in Indianapolis on February 4, 1947. He was the son of James C. and Corinne Quayle and the grandson of Eugene Pulliam, the founder of Central Newspapers Inc., a national chain of conservative papers. Quayle received his secondary education in the publics schools of Huntington, Indiana, his hometown. In 1969 Quayle graduated from DePauw University, where he was a member of the Delta Kappa Epsilon fraternity. He attended law school at night at Indiana University, Indianapolis, and graduated in 1974. He was admitted to the Indiana Bar that same year. In 1972 Quayle married Marilyn Tucker, a fellow law student at Indiana University. The Quayles had three children—Tucker Danforth, Benjamin Eugene, and Mary Corinne.
After receiving his education, Quayle had very few jobs before running for public office. From 1969 to 1975, during law school, Quayle was a member of the Indiana National Guard. Also during law school he held several appointed positions in the Indiana state government. Afterwards, he worked as an associate publisher for the Huntington Herald press, a family owned paper, and founded Quayle and Quayle, a law office, with his wife. In 1976, with no political experience, he ran as a conservative Republican against Edward Roush, an eight-term incumbent Democrat, for a seat in the House of Representatives and won, becoming the second youngest representative in history. Quayle proved himself to be consistently conservative on all significant votes, enough so that the National Conservative Political Action Committee helped him in his bid for reelection, as they had in 1976. Much was made of Quayle's poor attendance record in the House during the 1978 campaign, but the bad press did not affect his popularity and he won by an overwhelming majority.
In 1980 Quayle ran for a seat in the Senate against another incumbent Democrat. This time his opponent was 18-year incumbent Birch Bayh, whom he also defeated. Quayle had no difficulty winning reelection to the Senate in 1986. The term was to last until 1993 but his selection as the Republican Party's vice presidential candidate, and subsequent election, resulted in his resignation. In the Senate Quayle had again voted conservatively, especially in areas related to national defense. However, his votes did not always fall along party lines. The most significant example of his independence from the right was the Job Training Partnership Act of 1986, which he introduced with Senator Edward Kennedy in 1982. His bipartisan efforts sometimes put him at odds with the Reagan administration, but he was not concerned with the possible alienation of the administration.
On August 18, 1988, in New Orleans, George Bush announced that his running mate for the presidency would be Dan Quayle. The public, the media, and both conservative and liberal politicians were caught off-guard by Bush's selection. Outside of Indiana very few people had heard of Dan Quayle. The primary reasons that Bush selected Quayle as a running mate were Quayle's conservative reputation, his Midwest origin, his relative lack of prominence, and no doubt his young age and good looks.
However, Quayle also brought undesirable scrutiny from the media. During his speech at the GOP national convention Quayle made reference to his time spent in the Indiana National Guard during the Vietnam conflict, which made people wonder if he was dodging the draft. This investigation revealed that Quayle might have used his connections through family-owned papers to gain admittance to the Guard. The media then examined almost every facet of his life and career. Among the issues brought into question were Quayle's admission to the Guard and to law school (without the usual requirements) and his privileged lifestyle. These facts, compounded by several poorly handled speaking engagements, led some members of the GOP to express reservations about Quayle's appointment, but Bush never expressed any thoughts about replacing him. Despite the excessively negative media coverage the George Bush/ Dan Quayle ticket did very well, overwhelming the Michael Dukakis/Lloyd Bentsen ticket at the polls.
Once elected, Quayle was given several jobs by the president, most notably a trip to several South American countries to gather information about the war on drugs. After a short time, the media became less interested in the spectacle of Dan Quayle and he was left alone to perform his duties as the vice president. After two years of his first term in that office, many conservatives hailed Quayle as an excellent vice president and as a conservative who remains non-compromising in his political orientation.
Yet Quayle did not return to the White House after the 1992 election, as Bill Clinton's victory forced Bush out of office. Even though Quayle would no longer be the Vice President, his stint in politics and the public eye was not yet over. In 1994, he published a book entitled Standing Firm. Quayle announced in 1995 that he would not seek election in the Presidential race, citing family and personal reasons for his decision.
The only biography of Quayle is The Making of a Senator: Dan Quayle, by Richard F. Fenno Jr., published in 1989. Although widely covered in the media during the campaign, the best periodical sources on Quayle are political journals such as Congressional Quarterly Weekly Reports and the National Journal. □
"J. Danforth Quayle." Encyclopedia of World Biography. . Encyclopedia.com. 15 Jul. 2019 <https://www.encyclopedia.com>.
"J. Danforth Quayle." Encyclopedia of World Biography. . Encyclopedia.com. (July 15, 2019). https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/j-danforth-quayle
"J. Danforth Quayle." Encyclopedia of World Biography. . Retrieved July 15, 2019 from Encyclopedia.com: https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/j-danforth-quayle
Quayle, Dan
Dan Quayle (James Danforth Quayle), 1947–, Vice President of the United States (1989–93), b. Indianapolis. He graduated from DePauw Univ. (1969) and served in the Indiana National Guard (1969–75). The son of a prominent Indiana publishing family, he graduated from law school (Indiana Univ., 1974) and then became associate publisher and general manager of the Huntington Herald-Press. In 1976 he was elected to the U.S. House of Representatives as a conservative Republican. In 1980 he was elected to the Senate, defeating three-term incumbent Birch Bayh, and was reelected in 1986.
In 1988 Republican presidential candidate George H. W. Bush selected Quayle as his running mate. Although not taken seriously by the media at first, he became an effective speaker for conservative issues. He chaired the President's Council on Competitiveness, which attempted to reduce governmental and environmental regulation on businesses. Renominated in 1992, he attacked the "Hollywood" media and campaigned vigorously in defense of the Bush administration's record. Bush and Quayle lost the election to Bill Clinton and Al Gore. Quayle mounted an abortive run for the 2000 Republican presidential nomination in 1999.
See his memoir, Standing Firm (1994); R. F. Fenno, The Making of a Senator (1989); D. S. Broader and B. Woodward, The Man Who Would be President (1992).
"Quayle, Dan." The Columbia Encyclopedia, 6th ed.. . Encyclopedia.com. 15 Jul. 2019 <https://www.encyclopedia.com>.
"Quayle, Dan." The Columbia Encyclopedia, 6th ed.. . Encyclopedia.com. (July 15, 2019). https://www.encyclopedia.com/reference/encyclopedias-almanacs-transcripts-and-maps/quayle-dan
"Quayle, Dan." The Columbia Encyclopedia, 6th ed.. . Retrieved July 15, 2019 from Encyclopedia.com: https://www.encyclopedia.com/reference/encyclopedias-almanacs-transcripts-and-maps/quayle-dan
Quayle, (James) Dan
Quayle, (James) Dan ( Danforth) (1947– ) US statesman, vice president (1989–93). He was a Republican congressman (1977–81) and senator (1981–88). In 1988, Quayle was chosen by George Bush to act as his running mate. Quayle's tenure was marked by several public relations gaffes.
"Quayle, (James) Dan." World Encyclopedia. . Encyclopedia.com. 15 Jul. 2019 <https://www.encyclopedia.com>.
"Quayle, (James) Dan." World Encyclopedia. . Encyclopedia.com. (July 15, 2019). https://www.encyclopedia.com/environment/encyclopedias-almanacs-transcripts-and-maps/quayle-james-dan
"Quayle, (James) Dan." World Encyclopedia. . Retrieved July 15, 2019 from Encyclopedia.com: https://www.encyclopedia.com/environment/encyclopedias-almanacs-transcripts-and-maps/quayle-james-dan


text:
Q: CORS policy Error on Netlify but not on localhost I have my express server hosted on Heroku, while my react app is hosted on Netlify.
My server has a login route, and whenever I attempt to log in from the client hosted on netlify, I get the below CORS policy error;
Access to XMLHttpRequest at 'https://u-annon.herokuapp.com/api/users/login' from origin 'https://boisterous-churros-56908e.netlify.app' has been blocked by CORS policy: No 'Access-Control-Allow-Origin' header is present on the requested resource.

There's no cors error on the GET routes that fetches post, and I don't get this error on localhost, even when I connect the client on the localhost to the server on heroku, the cors setting seems to handle that well, which makes me think this has something to do with netlify hosting. I've been reading about the netlify.toml file, but I can seem to find anything that fixes this problem.
Can someone point me in the right direction pls?
This is my cors setting on the express server;
app.use(cors({
  origin: ["https://boisterous-churros-56908e.netlify.app", "http://localhost:3000"],
  credentials: true,
  methods: "GET, POST, PUT, DELETE",
  preflightContinue: true,
  allowedHeaders: ['Content-Type', 'Authorization']
}))

This is the login post request from the client
const LoginSubmit = (e) =>{
        const data = {
            email: email,
            password: password
        }
        const login = axios.post(`${url}/users/login`, encodeURI({...data}))
                        .then((res) => {
                            if(res.status === 200){
                                parseJwt(res.data)
                                setLoggedIn(true)
                                setLoading(false)
                                navigate('/profile')
                            }
                           else{
                                setLoginError("An error occured, pls try again")
                                return
                            }
                        })
                        .catch((error) => {
                            console.log(error)
                            setLoginError("Email or password entered is incorrect, try again or signup")
                        });

            return login

    }

redpajama_set_name: RedPajamaStackExchange


Yukon goes chasing a fifth straight win and the Millers will face their toughest challenge of the season with its first road trip. YHS travels to unbeaten and No. 5 ranked Edmond Santa Fe in a District 6A-1 match-up. Kickoff is set for 7 p.m. at Santa Fe Stadium.
The No. 7 ranked Millers face the first of four key district match-ups against a Santa Fe team that has been explosive on offense the last two games and has not given up more than two touchdowns to an opponent in their four games.
Santa Fe edged the Millers 17-10 last season and have won the last four straight.
"Santa Fe is easily the most talented and best team we will have played to this point," YHS head coach Jeremy Reed said. "Offensively, the quarterback is a good player and throws the ball well. They have some new people at skill positions, I feel they are a lot less proven at those spot, but they have good kids there. They are utilizing their best athletes at those positions.
"Up front they are real big, but they are young," he said. "They threw the ball with a lot of success last week. They like to run the ball, but they will do what they do what will bring them success.
The Millers will go on the road for the first time since their only scrimmage back on Aug. 17. But, Reed doesn't see that as a deterrent and expects his team to be ready to play.
Santa Fe's main threat is senior Trace Ford, who has committed to Oklahoma State. The 6-3, 230-pound multi-purpose player will line up at end and linebacker on defense and will also line up at a receiver on offense.
Quarterback Kanan Hansen had a solid night in the Wolves' 42-7 win over Edmond Memorial last week and gave the Millers some problems last year in their meeting. The front line is led by Rey Burnett (6-5, 310), Trae Anderson (6-3, 280) and Evan Maples (6-4, 260).
Santa Fe's defense, though, is what the Wolves have relied on. The defense held Memorial to only 115 yards of offense last week and none of their first four opponents have had much success against the Wolves.
The Wolves defense has allowed only 10 points a game to opponents and most of those scores have come after the Wolves have rolled to big leads. Santa Fe led Norman North 49-0 the third week of the season enroute to a 49-13 win.
Ford is the key on defense and will be used in different positions. Defensive back Kamron Love leads the secondary. Michael Pope at end and Terrance Hill will also be key players on defense.
"They will play the Ford kid at an interior defensive spot, at end and inside linebacker and outside linebacker, the guy can be anywhere. We have to know where he is at from that aspect. But, the nature of what we offensively, we will be able to block him, to read him and do several things to hopefully help us utilize his strengths to be a strength on our side of the ball.
The Millers are looking to counter that defense with a similar style of game plan they used last week against Norman. Control the game with their ground game.
Yukon used a pair of over eight-minute drives that led to touchdowns in the 14-7 win over the Tigers. The Millers did that with a tough inside ground attack with A backs Noah Davis and Landon Donoho.
The offense is also looking to get their B backs, Isaiah Butler and Antonio Washington on the edge more to give the offense that breakaway threat.
"I feel what we did against Norman is kind of who we are as far as being tough and disciplined and sustaining drives," Reed said. "The better the opponents get the more that magnifies. I would like to say we can go out and average 35 to 42 points a game, but I don't know if that is how we are built.
This game is the first in four game stretch that will be the toughest on the YHS schedule and will play the major part as far as post season for Yukon.
"We have gotten pretty good at focusing on this opponent," Reed said. "For us, we know these next four games will pretty much tell our story of what our future holds. The more you win, the more build up you have for the next week. Every week gets more magnified and it is good be in a position to control your own destiny.


text:
import buble from 'rollup-plugin-buble'
import uglify from 'rollup-plugin-uglify'
import postcss from 'rollup-plugin-postcss-export'
import commonjs from 'rollup-plugin-commonjs'
import nodeResolve from 'rollup-plugin-node-resolve'
import cssnext from 'postcss-cssnext'
import cssnano from 'cssnano'
import liveServer from 'live-server'

const inWatchMode = process.argv.includes('--watch')

if (inWatchMode) {
  liveServer.start({ root: 'build' })
}

export default {
  entry: 'src/index.js',
  format: 'iife',
  sourceMap: inWatchMode,
  plugins: [
    postcss({
      plugins: [
        cssnext(),
        cssnano({
          autoprefixer: false /* already part of cssnext */
        })
      ],
      output: 'build/ttt.min.css'
    }),
    buble(),
    nodeResolve(),
    commonjs(),
    uglify()
  ],
  dest: 'build/ttt.min.js'
}