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Net Income per Share (Tables) | 6 Months Ended
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Jun. 27, 2020
Computation of Earnings Per Share, Basic | The following table sets forth the computation of basic net income per share using the two-class method:
|  | Thirteen weeks ended |  |  | Twenty-six weeks ended |
|  | June 27, 2020 |  |  | June 29, 2019 |  |  | June 27, 2020 |  |  | June 29, 2019 |
|  | (in thousands, except per share data) |  |  | (in thousands, except per share data) |
Net income |  | $ | 60,141 |  |  | $ | 27,856 |  |  | $ | 78,375 |  |  | $ | 51,550 |
Allocation of net income for basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 47,930 |  |  | $ | 20,639 |  |  | $ | 61,612 |  |  | $ | 38,161 |
Class B Common Stock |  |  | 11,836 |  |  |  | 6,964 |  |  |  | 16,237 |  |  |  | 12,908 |
Unvested participating shares |  |  | 375 |  |  |  | 253 |  |  |  | 526 |  |  |  | 481 |
|  | $ | 60,141 |  |  | $ | 27,856 |  |  | $ | 78,375 |  |  | $ | 51,550 |
Weighted average number of shares for basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  |  | 9,720 |  |  |  | 8,648 |  |  |  | 9,572 |  |  |  | 8,627 |
Class B Common Stock* |  |  | 2,400 |  |  |  | 2,918 |  |  |  | 2,523 |  |  |  | 2,918 |
Unvested participating shares |  |  | 76 |  |  |  | 106 |  |  |  | 82 |  |  |  | 109 |
|  |  | 12,196 |  |  |  | 11,672 |  |  |  | 12,177 |  |  |  | 11,654 |
Net income per share for basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 4.93 |  |  | $ | 2.39 |  |  | $ | 6.44 |  |  | $ | 4.42 |
Class B Common Stock |  | $ | 4.93 |  |  | $ | 2.39 |  |  | $ | 6.44 |  |  | $ | 4.42 |
* | Change in Class B Common Stock resulted from the conversion of 100,000 shares to Class A Common Stock on August 8, 2019, 145,000 shares to Class A Common Stock on December 13, 2019, 150,000 shares to Class A Common Stock on March 11, 2020 and 215,000 shares to Class A Common Stock on May 6, 2020 with the ending number of shares reflecting the weighted average for the period.
Computation of Earnings Per Share, Diluted | The following table sets forth the computation of diluted net income per share, assuming the conversion of all Class B Common Stock into Class A Common Stock and using the two-class method for unvested participating shares:
|  | Thirteen weeks ended |
|  | June 27, 2020 |  |  | June 29, 20 19 |
|  | Earnings to Common Shareholders |  |  | Common Shares |  |  | EPS |  |  | Earnings to Common Shareholders |  |  | Common Shares |  |  | EPS |
|  | (in thousands, except per share data) |
As reported - basic |  | $ | 47,930 |  |  |  | 9,720 |  |  | $ | 4.93 |  |  | $ | 20,639 |  |  |  | 8,648 |  |  | $ | 2.39 |
Add: effect of dilutive potential common shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share-based awards |  |  | — |  |  |  | 138 |  |  |  |  |  |  |  | — |  |  |  | 118 |  |  |  |  |
Class B Common Stock |  |  | 11,836 |  |  |  | 2,400 |  |  |  |  |  |  |  | 6,964 |  |  |  | 2,918 |  |  |  |  |
Net effect of unvested participating shares |  |  | 4 |  |  |  | — |  |  |  |  |  |  |  | 2 |  |  |  | — |  |  |  |  |
Net income per common share - diluted |  | $ | 59,770 |  |  |  | 12,258 |  |  | $ | 4.88 |  |  | $ | 27,605 |  |  |  | 11,684 |  |  | $ | 2.36 |
|  | Twenty-six weeks ended |
|  | June 27, 2020 |  |  | June 29, 20 19 |
|  | Earnings to Common Shareholders |  |  | Common Shares |  |  | EPS |  |  | Earnings to Common Shareholders |  |  | Common Shares |  |  | EPS |
|  | (in thousands, except per share data) |
As reported - basic |  | $ | 61,612 |  |  |  | 9,572 |  |  | $ | 6.44 |  |  | $ | 38,161 |  |  |  | 8,627 |  |  | $ | 4.42 |
Add: effect of dilutive potential common shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share-based awards |  |  | — |  |  |  | 126 |  |  |  |  |  |  |  | — |  |  |  | 115 |  |  |  |  |
Class B Common Stock |  |  | 16,237 |  |  |  | 2,523 |  |  |  |  |  |  |  | 12,908 |  |  |  | 2,918 |  |  |  |  |
Net effect of unvested participating shares |  |  | 5 |  |  |  | — |  |  |  |  |  |  |  | 5 |  |  |  | — |  |  |  |  |
Net income per common share - diluted |  | $ | 77,854 |  |  |  | 12,221 |  |  | $ | 6.37 |  |  | $ | 51,074 |  |  |  | 11,660 |  |  | $ | 4.38 |

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- Definition Tabular disclosure of the effect of income (loss) on an entity's diluted earnings per share. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1278-109256 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e4984-109258 + Details
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