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Net Income per Share (Tables)

6 Months Ended

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 weeks 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