Net Income per Share (Tables)

9 Months Ended

Sep. 26, 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				Thirty-nine weeks ended
	September 26,		September 28,		September 26,		September 28,
	2020		2019		2020		2019
	(in thousands, except per share data)				(in thousands, except per share data)
Net income	$	80,768	$	44,729	$	159,143	$	96,279

Allocation of net income for basic:
Class A Common Stock	$	65,074	$	33,776	$	126,146	$	71,761
Class B Common Stock		15,254		10,581		31,996		23,652
Unvested participating shares		440		372		1,001		866

	$	80,768	$	44,729	$	159,143	$	96,279
Weighted average number of shares for basic:
Class A Common Stock		9,846		9,136		9,663		8,797
Class B Common Stock*		2,308		2,862		2,451		2,899
Unvested participating shares		67		101		77		106

		12,221		12,099		12,191		11,802
Net income per share for basic:
Class A Common Stock	$	6.61	$	3.70	$	13.05	$	8.16

Class B Common Stock	$	6.61	$	3.70	$	13.05	$	8.16

*Change in Class B Common Stock resulted from the conversion of 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
	September 26, 2020						September 28, 2019
	Earnings to Common Shareholders		Common Shares		EPS		Earnings to Common Shareholders		Common Shares		EPS
						(in thousands, except per share data)
As reported—basic	$	65,074		9,846	$	6.61	$	33,776		9,136	$	3.70
Add: effect of dilutive potential common shares
Share-based awards		—		179				—		152
Class B Common Stock		15,254		2,308				10,581		2,862
Net effect of unvested participating shares		6		—				4		—

Net income per common share—diluted	$	80,334		12,333	$	6.51	$	44,361		12,150	$	3.65


	Thirty-nine weeks ended
	September 26, 2020						September 28, 2019
	Earnings to Common Shareholders		Common Shares		EPS		Earnings to Common Shareholders		Common Shares		EPS
					(in thousands, except per share data)
As reported—basic	$	126,146		9,663	$	13.05	$	71,761		8,797	$	8.16
Add: effect of dilutive potential common shares
Share-based awards		—		145				—		127
Class B Common Stock		31,996		2,451				23,652		2,899
Net effect of unvested participating shares		12		—				8		—

Net income per common share—diluted	$	158,154		12,259	$	12.90	$	95,421		11,823	$	8.07