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Net Income Per Share | 12 Months Ended
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Dec. 31, 2024
Earnings Per Share [Abstract] |
Net Income Per Share | 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. See Note 1 for additional information related to net income per share.
|  | Fiscal Year
(in thousands, except per share data) |  | 2024 |  | 2023 |  | 2022
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share: |  |  |  |  |  |
Net income |  | $ | 633,125 |  |  | $ | 408,375 |  |  | $ | 430,158 |
Less dividends: |  |  |  |  |  |
Common Stock |  | 165,541 |  |  | 41,844 |  |  | 8,062 |
Class B Common Stock |  | 20,094 |  |  | 5,024 |  |  | 1,312 |
Total undistributed earnings |  | $ | 447,490 |  |  | $ | 361,507 |  |  | $ | 420,784 |
Common Stock undistributed earnings – basic |  | $ | 397,741 |  |  | $ | 322,749 |  |  | $ | 364,359 |
Class B Common Stock undistributed earnings – basic |  | 49,749 |  |  | 38,758 |  |  | 56,425 |
Total undistributed earnings – basic |  | $ | 447,490 |  |  | $ | 361,507 |  |  | $ | 420,784 |
Common Stock undistributed earnings – diluted |  | $ | 397,170 |  |  | $ | 322,131 |  |  | $ | 363,158 |
Class B Common Stock undistributed earnings – diluted |  | 50,320 |  |  | 39,376 |  |  | 57,626 |
Total undistributed earnings – diluted |  | $ | 447,490 |  |  | $ | 361,507 |  |  | $ | 420,784 |
Numerator for basic net income per Common Stock share: |  |  |  |  |  |
Dividends on Common Stock |  | $ | 165,541 |  |  | $ | 41,844 |  |  | $ | 8,062 |
Common Stock undistributed earnings – basic |  | 397,741 |  |  | 322,749 |  |  | 364,359 |
Numerator for basic net income per Common Stock share |  | $ | 563,282 |  |  | $ | 364,593 |  |  | $ | 372,421 |
Numerator for basic net income per Class B Common Stock share: |  |  |  |  |  |
Dividends on Class B Common Stock |  | $ | 20,094 |  |  | $ | 5,024 |  |  | $ | 1,312 |
Class B Common Stock undistributed earnings – basic |  | 49,749 |  |  | 38,758 |  |  | 56,425 |
Numerator for basic net income per Class B Common Stock share |  | $ | 69,843 |  |  | $ | 43,782 |  |  | $ | 57,737 |
Numerator for diluted net income per Common Stock share: |  |  |  |  |  |
Dividends on Common Stock |  | $ | 165,541 |  |  | $ | 41,844 |  |  | $ | 8,062 |
Dividends on Class B Common Stock assumed converted to Common Stock |  | 20,094 |  |  | 5,024 |  |  | 1,312 |
Common Stock undistributed earnings – diluted |  | 447,490 |  |  | 361,507 |  |  | 420,784 |
Numerator for diluted net income per Common Stock share |  | $ | 633,125 |  |  | $ | 408,375 |  |  | $ | 430,158 |
Numerator for diluted net income per Class B Common Stock share: |  |  |  |  |  |
Dividends on Class B Common Stock |  | $ | 20,094 |  |  | $ | 5,024 |  |  | $ | 1,312 |
Class B Common Stock undistributed earnings – diluted |  | 50,320 |  |  | 39,376 |  |  | 57,626 |
Numerator for diluted net income per Class B Common Stock share |  | $ | 70,414 |  |  | $ | 44,400 |  |  | $ | 58,938 |
Denominator for basic net income per Common Stock and Class B Common Stock share: |  |  |  |  |  |
Common Stock weighted average shares outstanding – basic |  | 8,035 |  |  | 8,369 |  |  | 8,117 |
Class B Common Stock weighted average shares outstanding – basic |  | 1,005 |  |  | 1,005 |  |  | 1,257 |
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) |  | 9,053 |  |  | 9,392 |  |  | 9,405 |
Class B Common Stock weighted average shares outstanding – diluted |  | 1,018 |  |  | 1,023 |  |  | 1,288 |
|  | Fiscal Year
(in thousands, except per share data) |  | 2024 |  | 2023 |  | 2022
Basic net income per share: |  |  |  |  |  |
Common Stock |  | $ | 70.10 |  |  | $ | 43.56 |  |  | $ | 45.88 |
Class B Common Stock |  | $ | 69.50 |  |  | $ | 43.56 |  |  | $ | 45.93 |
Diluted net income per share: |  |  |  |  |  |
Common Stock |  | $ | 69.94 |  |  | $ | 43.48 |  |  | $ | 45.74 |
Class B Common Stock |  | $ | 69.17 |  |  | $ | 43.40 |  |  | $ | 45.76 |
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 unvested performance shares relative to the Long-Term Performance Equity Plan. For periods presented during which the Company has net loss, the unvested performance 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 Class B Common Stock. Once an election has been made to settle an award in cash, the dilutive effect of unvested performance 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 unvested performance shares for any periods presented. (6)The Company repurchased 14,391.5 shares of Common Stock in the Tender Offer, which expired on June 18, 2024, and repurchased 598,619 shares of Common Stock pursuant to the Purchase Agreement entered into on May 6, 2024 with CCCBI. See Note 2 for additional information on the Tender Offer and the Purchase Agreement. (7)On August 20, 2024, the Company announced that its Board of Directors had approved a share repurchase program under which the Company is authorized to repurchase up to $1.00 billion of Common Stock. The share repurchase authorization is discretionary and has no expiration date. As of December 31, 2024, the Company had repurchased 42,895 shares of Common Stock under the share repurchase program.

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