Texas Roadhouse Inc (NASDAQ:TXRH) stock was hit hard on Wednesday following the release of its earnings report for the fourth quarter of 2016.

Texas Roadhouse Inc reported revenue of $484.71 million during the fourth quarter of the year. This is an increase over its revenue of $454.31 million from the same time last year. However, it failed to surpass the $496.6 million revenue estimate that Wall Street was looking for in the quarter.

Earnings per share reported by Texas Roadhouse Inc in the fourth quarter of 2016 was 29 cents. This is a decline from the earnings per share of 32 cents reported during the fourth quarter of 2015. It also came in lower than the earnings per share estimate of 38 cents that analysts were looking for in the quarter.

During the fourth quarter of 2016, Texas Roadhouse Inc reported operating income of $30.84 million. Operating income from the same period in the year prior was $33.71 million. The restaurant company  reported net income of $20.73 million in its most recent quarter. It saw net income of $22.98 million during the same time last year.

Texas Roadhouse Inc also announced an increase to its dividend. The company will be paying a dividend of 21 cents per share to investors on March 31, 2017. This dividend will be paid to shareholders on record as of March 15, 2017. The previous dividend paid to investors in all other quarters of 2016 was 19 cents per share.

Texas Roadhouse Inc also released its outlook for 2017 in its most recent earnings report. This includes plans to open 30 more restaurants, food cost deflation between 1% and 2%, and positive comparable restaurant sales growth.

THRX stock was down 12% as of Wednesday afternoon.