In the nearly half century since chicken wings were first deep fried and drenched in hot sauce in upstate New York, the Buffalo-style chicken wing has become a mainstay of American food and sports culture. Indeed, the National Chicken Council estimates that Americans will consume 25 billion chicken wings during 2012. For some perspective, Americans put away 20 billion hotdogs and about 14 billion hamburgers last year.

The popularity of fried chicken wings, which were once thought of as merely an appetizer, has inspired a bevy of themed restaurant chains that thrive on hungry patrons who enjoy this finger-lickin’ delight.

Industry leader Buffalo Wild Wings (NSDQ: BWLD) owns, operates or franchises 817 locations throughout the US and Canada. Each location offers Buffalo-style chicken wings with 16 signature sauces and seasonings in an open layout that includes casual dining for families, as well as a sports bar catering to sports fans. To facilitate sports viewing, each restaurant typically boasts as many as 50 televisions.

The company is one of the fastest growing restaurant chains in the food industry. For the past four years, Buffalo Wild Wings’ sales have grown 24.5 percent annually, while its profits increased slightly faster at 24.7 percent per year.

Much of this sales growth can be attributed to the company’s rapid expansion. In 2011, for example, roughly 81 percent of the $162.2 million increase in sales from locations the company owns and operates derived from the opening of 50 new locations.

In 2012, the firm plans to expand by 11 percent, or about 90 new stores. Management has set a target of eventually opening about 1500 company-owned and franchised restaurants, with the company owning 40 percent of its locations and franchisees owning the balance.

The company is also planning to expand internationally and has recently added four restaurants in Canada, its first footprint outside of the US. Over the next five years, management plans to open a total of 50 restaurants in the land up north.

The company faces a near-term inflationary headwind from a rise in chicken prices. Although the company’s bottom line benefited from a drop in bone-in wing prices over the past few years, prices recently jumped 57 percent higher from a year ago to $1.92 per pound. However, the company may see some relief in chicken prices toward the end of the year, as the price of corn continues to drop due to this year’s projected record corn harvest of 14.8 billion bushels. Corn prices are closely correlated to poultry prices, because corn is the primary feedstock for chicken.

In the interim, management has begun raising prices on their wings. Since menu prices have only risen 1 percent to 3 percent over the past few years, the company has some room to maneuver without scaring off customers.

While traditional and boneless chicken wings account for about 39 percent of sales, alcohol contributes roughly 24 percent of sales.

The company continues to report strong earnings, with a 24 percent jump in net income to $18.2 million in the first quarter versus a year ago. And management reaffirmed its estimate of 20 percent earnings growth in 2012.

Buffalo Wild Wings has a solid balance sheet with no long-term debt and over $70 million in cash and short-term securities to weather a rise in costs.