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Net Income Per Share (Tables)
 6 Months Ended
Jul. 02, 2021
Earnings Per Share [Abstract]  
Computation of Basic Net Income Per Share and Diluted Net Income Per Share
The following table sets forth the computation of basic net income per share and diluted net income per share under the two-class method:

Second QuarterFirst Half
(in thousands, except per share data)2021202020212020
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income attributable to Coca‑Cola Consolidated, Inc.$48,180 $39,569 $101,543 $54,231 
Less dividends:
Common Stock1,786 1,785 3,571 3,571 
Class B Common Stock558 557 1,116 1,115 
Total undistributed earnings$45,836 $37,227 $96,856 $49,545 
Common Stock undistributed earnings – basic$34,921 $28,362 $73,792 $37,747 
Class B Common Stock undistributed earnings – basic10,915 8,865 23,064 11,798 
Total undistributed earnings – basic$45,836 $37,227 $96,856 $49,545 
Common Stock undistributed earnings – diluted$34,795 $28,161 $73,525 $37,479 
Class B Common Stock undistributed earnings – diluted11,041 9,066 23,331 12,066 
Total undistributed earnings – diluted$45,836 $37,227 $96,856 $49,545 
Numerator for basic net income per Common Stock share:
Dividends on Common Stock$1,786 $1,785 $3,571 $3,571 
Common Stock undistributed earnings – basic34,921 28,362 73,792 37,747 
Numerator for basic net income per Common Stock share$36,707 $30,147 $77,363 $41,318 
Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock$558 $557 $1,116 $1,115 
Class B Common Stock undistributed earnings – basic10,915 8,865 23,064 11,798 
Numerator for basic net income per Class B Common Stock share$11,473 $9,422 $24,180 $12,913 
Numerator for diluted net income per Common Stock share:
Dividends on Common Stock$1,786 $1,785 $3,571 $3,571 
Dividends on Class B Common Stock assumed converted to Common Stock558 557 1,116 1,115 
Common Stock undistributed earnings – diluted45,836 37,227 96,856 49,545 
Numerator for diluted net income per Common Stock share$48,180 $39,569 $101,543 $54,231 
Second QuarterFirst Half
(in thousands, except per share data)2021202020212020
Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock$558 $557 $1,116 $1,115 
Class B Common Stock undistributed earnings – diluted11,041 9,066 23,331 12,066 
Numerator for diluted net income per Class B Common Stock share$11,599 $9,623 $24,447 $13,181 
Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – basic7,141 7,141 7,141 7,141 
Class B Common Stock weighted average shares outstanding – basic2,232 2,232 2,232 2,232 
Denominator for diluted net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – diluted (assumes conversion of Class B Common Stock to Common Stock)9,407 9,440 9,407 9,440 
Class B Common Stock weighted average shares outstanding – diluted2,266 2,299 2,266 2,299 
Basic net income per share:
Common Stock$5.14 $4.23 $10.83 $5.79 
Class B Common Stock$5.14 $4.23 $10.83 $5.79 
Diluted net income per share:
Common Stock$5.12 $4.19 $10.79 $5.74 
Class B Common Stock$5.12 $4.18 $10.79 $5.73 

NOTES TO TABLE

(1)For purposes of the diluted net income per share computation for Common Stock, all shares of Class B Common Stock are assumed to be converted; therefore, 100% of undistributed earnings is allocated to Common Stock.
(2)For purposes of the diluted net income per share computation for Class B Common Stock, weighted average shares of Class B Common Stock are assumed to be outstanding for the entire period and not converted.
(3)For periods presented during which the Company has net income, the denominator for diluted net income per share for Common Stock and Class B Common Stock includes the dilutive effect of shares relative to the Long-Term Performance Equity Plan. For periods presented during which the Company has net loss, the unvested shares granted pursuant to the Long-Term Performance Equity Plan are excluded from the computation of diluted net loss per share, as the effect would have been anti-dilutive. See Note 2 for additional information on the Long-Term Performance Equity Plan.
(4)The Long-Term Performance Equity Plan awards may be settled in cash and/or shares of the Company’s Class B Common Stock. Once an election has been made to settle an award in cash, the dilutive effect of shares relative to such award is prospectively removed from the denominator in the computation of diluted net income per share.
(5)The Company did not have anti-dilutive shares for any periods presented.