At the time it reported earnings company Chairman, President and Chief Executive Officer Michael P. O'Donnell said Ruth's Chris enters the second half "excited about our future growth prospects. With a healthier capital structure, we are better positioned for earnings leverage to drive improved profitability and creating more value for our shareholders." It's becoming increasingly difficult not to see this company as the focus of an acquisition at some point, particularly when Morton's Steakhouse has been acquired for $116.6 million by Tilman J. Fertitta, the Texas billionaire and restaurateur. This came just a month after he acquired McCormick & Schmick's for approximately $131.6 million. I can't imagine at this point a more desirable name than Ruth's. I think its market cap and brand makes it an attractive candidate. What's more, the fact its stock is trading at just 12 times forward earnings makes the valuation equally attractive, if not undervalued. Additionally, on a cash flow and revenue basis it is clear that much of the company's future growth and income potential has not been priced in as earnings are set to show consistent growth.