BJRI
#We like the flexibility of our balance sheet.
We do, <UNK>.
We've got a performance shares that the executive team has.
They received them in 2014 and 2016, I think we disclosed in our proxy, As much as you talk about 10%, I think after everybody does it a little bit differently, I think we might be a little bit better than that.
But if you look at where we were three years ago versus where we are today we made tremendous strides in moving that forward in regards to a total entity level.
Is based on a three-year average over that time frame that has to have progression to it.
So, obviously if you go up in one year but you drop back down in another year, it's not at the end point as much as it's the progression over that three-year timeframe.
And just be perfectly clear, I don't know if we explained that or not, it's a simplified ROIC because it's very difficult to go to every executive and tell them about the tax shield and other things.
But it does entail most of the factors that people use in an ROIC calculation.
Just to be clear, we're not forecasting a negative 2 comp for the quarter.
We're not forecasting any specific comp ---+ I've over said that but the early weeks of July have been.
Right.
No, I think as we go through it and look at the way we've got our labor staffing set up, some of the things that we rolled out from project Q that we've implemented this year whether it's volume metric prep and other things that we're still continuing to evolve, our labor modeling and staffing based on, frankly a lot of the initiatives that we continue to work in our business.
Yes, opening and closing weekends are always pretty tough.
That Friday night of opening weekend everybody wants to either walk into the stadium, that always seems to be a little bit tougher.
The rest of it is kind of a non-event, in that regard, it's really not favorable from that standpoint.
Again, people don't get together and say ---+ let's go to BJ's to watch Michael Phelps swim for two minutes.
You're welcome.
You know, <UNK>, when we look at Texas it's very interesting, the restaurants that are going over a lot of the competitive intrusion, you start to see some of their improvement.
The problem is something else opens on another restaurant in that regard, we just seen that like in Lubbock, Texas.
We've seen it in a couple other places.
Where we are going ---+ hey, there's a nice trend here what just happened to that restaurant.
Oh, the four restaurants in the new shopping center just opened.
And then we look at some of the other existing restaurants and they are starting to see their trend come back.
I think looking specifically at Q2 and going into Q3, Q2 incrementally probably got better and the business overall.
It has some wacky days of some of that weather that was unexpected but I think overall, we are seeing some improvement in some of these markets from that standpoint.
It's just again, amazed at how many new restaurants and new developments don't come online in that state.
We are.
We've been pretty consistent where anywhere from 30 to 50 basis points kind of, is a drag on comp sales for the quarter.
I think I mentioned at this call or on a previous conversation on this call, that I think there was another 40 to 50 bips or something like that, related to the class of 2014 which is now rolling into our comps.
So you pull that out you'd be at basically, what, positive0.2.
You pull out of Texas and the all of a sudden you're in the 1.5 % range of comps for the quarter and you're at kind of flat traffic.
Unfortunately, you can't necessarily cut and dice ---+ cut and slice everything that way.
But it's what we see in our business right now ---+ we've got the Texas drag and we have some new restaurants still at that 40 basis points.
Even in new markets, generally speaking, you have a honeymoon.
People want to see what is this new concept; let me go there; I've heard it and maybe have seen it in a different state; and it opens up relatively big.
Does it open up as big as California.
No, in that regards, we're not expecting it to.
Except occasionally in certain locations, we get some very big openings like [LyCanne] just opened up really big, Lexington, and so on.
If your question is on new restaurant development, <UNK>, we haven't gone through the planning process.
In general, we are very confident given that we're at 177 restaurants, double-digit restaurant week growth is a primary way to keep growing our concept.
But we haven't settled in on a number and specifics this early yet for next year.
We are busy building, Greg and his team are building that pipeline and that's going well.
But we don't know at this point what ---+ if we're in that range we'll fall (inaudible).
Welcome.
Thank you.
