All I know is minimum wage in general hasn’t been as impactful to driving top line sales. I guess, sometimes people think it tends to give more dollars in people’s pockets and they tend to want to go out and use it on discretionary items and we get a benefit of that.
Sharon Zackfia: Okay. And then sorry, if I missed this I hopped on another call I know the menu rationalization seemed to go pretty well that you did in July. Are there thoughts to doing further rationalization, or are you pretty happy where you are at this point?
Greg Levin: We’ve got to stay disciplined on it. And I would actually like to take it down personally. That’s a personal thing. But I’ve got to continue, to watch where guests — we at BJ’s have to continue to watch where guests go on our menu and what they’re ordering and making sure we’ve got the right variety of differentiation. We do know from our consumer research that, variety and breadth is important to our guests. And as a result, we want to continue with that breadth there. But at the same time, Putnam Shin our Chief Growth and Innovation Officer Scott Rodriguez our Senior Vice President of Culinary, continue to create unbelievably new great items that we would love to get on our menu. And the only way, we can do that is by being disciplined on items that need to come off.
So I don’t know if there’s another big, big chunk down like we just did, but we’ll stay disciplined and take certain items off going forward so that we can have really unique I think LTOs to drive that kind of consumer traffic into our restaurant and that fear of missing out.
Sharon Zackfia: Thank you.
Greg Levin: You’re very welcome.
Operator: The last question today comes from Teddy Farley with Citi. Please go ahead.
Teddy Farley: Thanks for taking the question. Just one for me. As you think about return of capital and continuing the share repurchase program what is your thinking around restarting the quarterly dividend that you had pre-COVID, if you’re thinking about that at all? Thanks.
Greg Levin: Yes. Teddy, it’s something we’d have to bring up with our board of directors. I think right now where the stock is trading and look I’m not the one that determines the valuation of the company but I think management is very confident in its strategy and its ability to increase its EBITDA, and feels that at least share repurchases right now are the right way to return capital back to shareholders. As we continue to put together our 2024 and 2025 and beyond, capital program both CapEx and capital program I think we’re going to be in a position that continues to generate a significant amount of free cash flow at that 5% to 7% new restaurant build and continue to expand margins. I think as we look at that it’s something to look and figure out what’s the right approach here, in regards to returning capital to our shareholders.
Dividends do allow a certain amount of discipline within the capital structure, because you’ve got to meet that each quarter. And I think that discipline is actually a good thing. At the same time, I think where we are today, being more opportunistic buying back shares makes more sense.
Teddy Farley: Awesome. Thank you.
Greg Levin: You’re welcome.
Operator: Thank you. The conference has now concluded. Thank you for attending today’s presentation.
Tom Houdek: Thank you.
Greg Levin: Thanks. Thanks, everyone.
