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Net Income per Share (Tables) | 6 Months Ended
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Jun. 25, 2022
Earnings Per Share [Abstract] |
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 25, 2022 |  |  | June 26, 2021 |  |  | June 25, 2022 |  |  | June 26, 2021 |
|  | (in thousands, except per share data) |  |  | (in thousands, except per share data) |
Net income |  | $ | 53,349 |  |  | $ | 59,195 |  |  | $ | 51,394 |  |  | $ | 124,760 |
Allocation of net income for basic: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 44,261 |  |  | $ | 48,710 |  |  | $ | 42,631 |  |  | $ | 102,354 |
Class B Common Stock |  |  | 8,956 |  |  |  | 10,268 |  |  |  | 8,634 |  |  |  | 21,893 |
Unvested participating shares |  |  | 132 |  |  |  | 217 |  |  |  | 129 |  |  |  | 513 |
|  | $ | 53,349 |  |  | $ | 59,195 |  |  | $ | 51,394 |  |  | $ | 124,760 |
Weighted average number of shares for basic: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  |  | 10,221 |  |  |  | 10,108 |  |  |  | 10,210 |  |  |  | 10,072 |
Class B Common Stock* |  |  | 2,068 |  |  |  | 2,131 |  |  |  | 2,068 |  |  |  | 2,155 |
Unvested participating shares |  |  | 30 |  |  |  | 44 |  |  |  | 31 |  |  |  | 50 |
|  |  | 12,319 |  |  |  | 12,283 |  |  |  | 12,309 |  |  |  | 12,277 |
Net income per share for basic: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 4.33 |  |  | $ | 4.82 |  |  | $ | 4.18 |  |  | $ | 10.16 |
Class B Common Stock |  | $ | 4.33 |  |  | $ | 4.82 |  |  | $ | 4.18 |  |  | $ | 10.16 |
*The reduction in Class B Common Stock resulted from the conversion to Class A Common stock during fiscal 2021.
Computation of Diluted Net Income Per Share | 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 for the thirteen and twenty-six weeks ended June 25, 2022 and for the thirteen and twenty-six weeks ended June 26, 2021:
|  | Thirteen weeks ended |
|  | June 25, 2022 |  |  | June 26, 2021 |
|  | Earnings to Common Shareholders |  |  | Common Shares |  |  | EPS |  |  | Earnings to Common Shareholders |  |  | Common Shares |  |  | EPS |
|  | (in thousands, except per share data) |
As reported - basic |  | $ | 44,261 |  |  |  | 10,221 |  |  | $ | 4.33 |  |  | $ | 48,710 |  |  |  | 10,108 |  |  | $ | 4.82 |
Add: effect of dilutive common shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share-based awards |  |  | — |  |  |  | 52 |  |  |  |  |  |  | — |  |  |  | 160 |  |  |  |
Class B Common Stock |  |  | 8,956 |  |  |  | 2,068 |  |  |  |  |  |  | 10,268 |  |  |  | 2,131 |  |  |  |
Net effect of unvested participating shares |  |  | 132 |  |  |  | — |  |  |  |  |  |  | 217 |  |  |  | 66 |  |  |  |
Net income per common share - diluted |  | $ | 53,349 |  |  |  | 12,341 |  |  | $ | 4.31 |  |  | $ | 59,195 |  |  |  | 12,465 |  |  | $ | 4.75 |
|  | Twenty-six weeks ended |
|  | June 25, 2022 |  |  | June 26, 2021 |
|  | Earnings to Common Shareholders |  |  | Common Shares |  |  | EPS |  |  | Earnings to Common Shareholders |  |  | Common Shares |  |  | EPS |
|  | (in thousands, except per share data) |
As reported - basic |  | $ | 42,631 |  |  |  | 10,210 |  |  | $ | 4.18 |  |  | $ | 102,354 |  |  |  | 10,072 |  |  | $ | 10.16 |
Add: effect of dilutive common shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share-based awards |  |  | — |  |  |  | 63 |  |  |  |  |  |  | — |  |  |  | 161 |  |  |  |
Class B Common Stock |  |  | 8,634 |  |  |  | 2,068 |  |  |  |  |  |  | 21,893 |  |  |  | 2,155 |  |  |  |
Net effect of unvested participating shares |  |  | 129 |  |  |  | — |  |  |  |  |  |  | 513 |  |  |  | 73 |  |  |  |
Net income per common share - diluted |  | $ | 51,394 |  |  |  | 12,341 |  |  | $ | 4.15 |  |  | $ | 124,760 |  |  |  | 12,461 |  |  | $ | 10.01 |

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