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Net Income per Share (Tables)

6 Months Ended

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, 2019
		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, 2019
		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

X

- Definition

Tabular disclosure of the effect of income (loss) on basic earnings per share.

+ References

Reference 1: 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 3
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X

- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
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