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Net Income per Share (Tables) | 6 Months Ended
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Jul. 01, 2023
Earnings Per Share [Abstract] |
Computation of Net Income 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 |
|  | July 1, 2023 |  |  | June 25, 2022 |  |  | July 1, 2023 |  |  | June 25, 2022 |
|  | (in thousands, except per share data) |  |  | (in thousands, except per share data) |
Net income |  | $ | 58,035 |  |  | $ | 53,349 |  |  | $ | 49,079 |  |  | $ | 51,394 |
Allocation of net income for basic: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 48,130 |  |  | $ | 44,261 |  |  | $ | 40,722 |  |  | $ | 42,631 |
Class B Common Stock |  |  | 9,783 |  |  |  | 8,956 |  |  |  | 8,259 |  |  |  | 8,634 |
Unvested participating shares |  |  | 122 |  |  |  | 132 |  |  |  | 98 |  |  |  | 129 |
|  | $ | 58,035 |  |  | $ | 53,349 |  |  | $ | 49,079 |  |  | $ | 51,394 |
Weighted average number of shares for basic: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  |  | 10,174 |  |  |  | 10,221 |  |  |  | 10,196 |  |  |  | 10,210 |
Class B Common Stock |  |  | 2,068 |  |  |  | 2,068 |  |  |  | 2,068 |  |  |  | 2,068 |
Unvested participating shares |  |  | 26 |  |  |  | 30 |  |  |  | 24 |  |  |  | 31 |
|  |  | 12,268 |  |  |  | 12,319 |  |  |  | 12,288 |  |  |  | 12,309 |
Net income per share for basic: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 4.73 |  |  | $ | 4.33 |  |  | $ | 3.99 |  |  | $ | 4.18 |
Class B Common Stock |  | $ | 4.73 |  |  | $ | 4.33 |  |  | $ | 3.99 |  |  | $ | 4.18 |
Computation of Net Income per Share, Diluted | The following table sets forth the computations of diluted net income per share, assuming the conversion of all Class B Common Stock into Class A Common Stock for the thirteen w eeks and twenty-six weeks ended July 1, 2023 and for the thirteen and twenty-six weeks ended June 25, 2022:
|  | Thirteen weeks ended |
|  | July 1, 2023 |  |  | June 25, 2022 |
|  | Earnings to Common Shareholders |  |  | Common Shares |  |  | EPS |  |  | Earnings to Common Shareholders |  |  | Common Shares |  |  | EPS |
|  | (in thousands, except per share data) |
As reported - basic |  | $ | 48,130 |  |  |  | 10,174 |  |  | $ | 4.73 |  |  | $ | 44,261 |  |  |  | 10,221 |  |  | $ | 4.33 |
Add: effect of dilutive common shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share-based awards |  |  | — |  |  |  | 34 |  |  |  |  |  |  | — |  |  |  | 52 |  |  |  |
Class B Common Stock |  |  | 9,783 |  |  |  | 2,068 |  |  |  |  |  |  | 8,956 |  |  |  | 2,068 |  |  |  |
Net effect of unvested participating shares |  |  | — |  |  |  | — |  |  |  |  |  |  | 132 |  |  |  | — |  |  |  |
Net income per common share - diluted |  | $ | 57,913 |  |  |  | 12,276 |  |  | $ | 4.72 |  |  | $ | 53,349 |  |  |  | 12,341 |  |  | $ | 4.31 |
|  | Twenty-six weeks ended |
|  | July 1, 2023 |  |  | June 25, 2022 |
|  | Earnings to Common Shareholders |  |  | Common Shares |  |  | EPS |  |  | Earnings to Common Shareholders |  |  | Common Shares |  |  | EPS |
|  | (in thousands, except per share data) |
As reported - basic |  | $ | 40,722 |  |  |  | 10,196 |  |  | $ | 3.99 |  |  | $ | 42,631 |  |  |  | 10,210 |  |  | $ | 4.18 |
Add: effect of dilutive common shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share-based awards |  |  | — |  |  |  | 40 |  |  |  |  |  |  | — |  |  |  | 63 |  |  |  |
Class B Common Stock |  |  | 8,259 |  |  |  | 2,068 |  |  |  |  |  |  | 8,634 |  |  |  | 2,068 |  |  |  |
Net effect of unvested participating shares |  |  | — |  |  |  | — |  |  |  |  |  |  | 129 |  |  |  | — |  |  |  |
Net income per common share - diluted |  | $ | 48,981 |  |  |  | 12,304 |  |  | $ | 3.98 |  |  | $ | 51,394 |  |  |  | 12,341 |  |  | $ | 4.15 |

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