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Net Income per Share | 12 Months Ended
--- | ---
Dec. 26, 2020
Earnings Per Share [Abstract] |
Net Income per Share |
P. | Net Income per Share
Net Income per Common Share - Basic The following table sets forth the computation of basic net income per share using the two-class method:
|  | December 26, |  |  | December 28, |  |  | December 29, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (in thousands, except per share data) |
Net Income |  | $ | 191,960 |  |  | $ | 110,041 |  |  | $ | 92,663 |
Allocation of net income for basic: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 153,106 |  |  | $ | 82,474 |  |  | $ | 68,080 |
Class B Common Stock |  |  | 37,690 |  |  |  | 26,600 |  |  |  | 23,710 |
Unvested participating shares |  |  | 1,164 |  |  |  | 967 |  |  |  | 873 |
|  | $ | 191,960 |  |  | $ | 110,041 |  |  | $ | 92,663 |
Weighted average number of shares for basic: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  |  | 9,734 |  |  |  | 8,908 |  |  |  | 8,620 |
Class B Common Stock* |  |  | 2,396 |  |  |  | 2,873 |  |  |  | 3,002 |
Unvested participating shares |  |  | 74 |  |  |  | 105 |  |  |  | 111 |
|  |  | 12,204 |  |  |  | 11,886 |  |  |  | 11,733 |
Net income per share for basic: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 15.73 |  |  | $ | 9.26 |  |  | $ | 7.90 |
Class B Common Stock |  | $ | 15.73 |  |  | $ | 9.26 |  |  | $ | 7.90 |
* | Change in Class B Common Stock resulted from the conversion of 100,000 shares to Class A Common Stock on November 1, 2018, 100,000 shares to Class A Common stock on August 8, 2019 and 145,000 shares to Class A Common stock on December 13, 2019, 150,000 shares to Class A Common Stock on March 11, 2020, 215,000 shares to Class A Common Stock on May 6, 2020 and 130,000 shares to Class A Common Stock on November 3, 2020 with the ending number of shares reflecting the weighted average for the period.
Net Income per Common Share - Diluted The Company calculates diluted net income per share for common stock using the more dilutive of (1) the treasury stock method, or (2) the two-class method, which assumes the participating securities are not exercised or converted. The following tables set 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:
|  | Fifty-two weeks ended December 26, 2020 |
|  | Earnings to Common Shareholders |  |  | Common Shares |  |  | EPS |
|  | (in thousands, except per share data) |  |  |  |  |
As reported - basic |  | $ | 153,106 |  |  |  | 9,734 |  |  | $ | 15.73 |
Add: effect of dilutive potential common shares |  |  |  |  |  |  |  |  |  |  |  |
Share-based awards |  |  | — |  |  |  | 153 |  |  |  |  |
Class B Common Stock |  |  | 37,690 |  |  |  | 2,396 |  |  |  |  |
Net effect of unvested participating shares |  |  | 14 |  |  |  |  |  |  |  |  |
Net income per common share - diluted |  | $ | 190,810 |  |  | $ | 12,283 |  |  |  | 15.53 |
|  | Fifty-two weeks ended December 28, 2019 |
|  | Earnings to Common Shareholders |  |  | Common Shares |  |  | EPS |
|  | (in thousands, except per share data) |  |  |  |  |
As reported - basic |  | $ | 82,474 |  |  |  | 8,908 |  |  | $ | 9.26 |
Add: effect of dilutive potential common shares |  |  |  |  |  |  |  |  |  |  |  |
Share-based awards |  |  | — |  |  |  | 127 |  |  |  |  |
Class B Common Stock |  |  | 26,600 |  |  |  | 2,873 |  |  |  |  |
Net effect of unvested participating shares |  |  | 10 |  |  |  | — |  |  |  |  |
Net income per common share - diluted |  | $ | 109,084 |  |  |  | 11,908 |  |  |  | 9.16 |
|  | Fifty-two weeks ended December 29, 2018 |
|  | Earnings to Common Shareholders |  |  | Common Shares |  |  | EPS |
|  | (in thousands, except per share data) |  |  |  |  |
As reported - basic |  | $ | 68,080 |  |  |  | 8,620 |  |  | $ | 7.90 |
Add: effect of dilutive potential common shares |  |  |  |  |  |  |  |  |  |  |  |
Share-based awards |  |  | — |  |  |  | 112 |  |  |  |  |
Class B Common Stock |  |  | 23,710 |  |  |  | 3,002 |  |  |  |  |
Net effect of unvested participating shares |  |  | 8 |  |  |  | — |  |  |  |  |
Net income per common share - diluted |  | $ | 91,798 |  |  |  | 11,734 |  |  | $ | 7.82 |
Basic net income per common share for each share of Class A Common Stock and Class B Common Stock is $15.73, $9.26, and $7.90 for the fiscal years 2020, 2019, and 2018, respectively, as each share of Class A and Class B participates equally in earnings. Shares of Class B are convertible at any time into shares of Class A on a one-for-one basis at the option of the stockholder. There were no stock options with anti-dilutive effects that were excluded in computing diluted income during fiscal 2020. Weighted average stock options to purchase 23,000, and 100,000 shares of Class A Common Stock were outstanding during fiscal 2019, and 2018, respectively, but not included in computing diluted income per share because their effects were anti-dilutive. Additionally, performance-based stock options to purchase 10,000, and 10,000 shares of Class A Common Stock were outstanding during fiscal 2019, and 2018, respectively, but not included in computing dilutive income per share because the performance criteria of these stock options were not met as of December 28, 2019, and December 29, 2018, respectively.

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