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Net Income per Share | 12 Months Ended
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Dec. 28, 2024
Earnings Per Share [Abstract] |
Net Income per Share | Q. 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 28, |  |  | December 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in thousands, except per share data) |
Net Income |  | $ | 59,695 |  |  | $ | 76,250 |  |  | $ | 67,263 |
Allocation of net income for basic: |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 49,070 |  |  | $ | 63,216 |  |  | $ | 55,812 |
Class B Common Stock |  |  | 10,485 |  |  |  | 12,880 |  |  |  | 11,293 |
Unvested participating shares |  |  | 140 |  |  |  | 154 |  |  |  | 158 |
|  | $ | 59,695 |  |  | $ | 76,250 |  |  | $ | 67,263 |
Weighted average number of shares for basic: |  |  |  |  |  |  |  |  |
Class A Common Stock |  |  | 9,678 |  |  |  | 10,150 |  |  |  | 10,221 |
Class B Common Stock |  |  | 2,068 |  |  |  | 2,068 |  |  |  | 2,068 |
Unvested participating shares |  |  | 28 |  |  |  | 25 |  |  |  | 28 |
|  |  | 11,774 |  |  |  | 12,243 |  |  |  | 12,317 |
Net income per share for basic: |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 5.07 |  |  | $ | 6.23 |  |  | $ | 5.46 |
Class B Common Stock |  | $ | 5.07 |  |  | $ | 6.23 |  |  | $ | 5.46 |
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:
|  | Fiscal year ended December 28, 2024 |
|  | Earnings to Common Shareholders |  |  | Common Shares |  |  | EPS |
|  | (in thousands, except per share data) |  |  |  |
As reported - basic |  | $ | 49,070 |  |  |  | 9,678 |  |  | $ | 5.07 |
Add: effect of dilutive potential common shares |  |  |  |  |  |  |  |  |
Share-based awards |  |  | — |  |  |  | 20 |  |  |  |
Class B Common Stock |  |  | 10,485 |  |  |  | 2,068 |  |  |  |
Net effect of unvested participating shares |  |  | — |  |  |  | — |  |  |  |
Net income per common share - diluted |  | $ | 59,555 |  |  | $ | 11,766 |  |  | $ | 5.06 |
|  | Fiscal year ended December 30, 2023 |
|  | Earnings to Common Shareholders |  |  | Common Shares |  |  | EPS |
|  | (in thousands, except per share data) |  |  |  |
As reported - basic |  | $ | 63,216 |  |  |  | 10,150 |  |  | $ | 6.23 |
Add: effect of dilutive potential common shares |  |  |  |  |  |  |  |  |
Share-based awards |  |  | — |  |  |  | 40 |  |  |  |
Class B Common Stock |  |  | 12,880 |  |  |  | 2,068 |  |  |  |
Net effect of unvested participating shares |  |  | — |  |  |  | — |  |  |  |
Net income per common share - diluted |  | $ | 76,096 |  |  |  | 12,258 |  |  | $ | 6.21 |
|  | Fiscal year ended December 31, 2022 |
|  | Earnings to Common Shareholders |  |  | Common Shares |  |  | EPS |
|  | (in thousands, except per share data) |  |  |  |
As reported - basic |  | $ | 55,812 |  |  |  | 10,221 |  |  | $ | 5.46 |
Add: effect of dilutive potential common shares |  |  |  |  |  |  |  |  |
Share-based awards |  |  | — |  |  |  | 56 |  |  |  |
Class B Common Stock |  |  | 11,293 |  |  |  | 2,068 |  |  |  |
Net effect of unvested participating shares |  |  | 1 |  |  |  | — |  |  |  |
Net income per common share - diluted |  | $ | 67,106 |  |  |  | 12,345 |  |  | $ | 5.44 |
Basic net income per common share for each share of Class A Common Stock and Class B Common Stock is $5.07, $6.23, and $5.46 for the fiscal years 2024, 2023, and 2022, 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. Weighted average stock options to purchase approximately 142,000, 52,000, and 17,000 shares of Class A Common Stock were outstanding during fiscal years 2024, 2023, and 2022, respectively, but not included in computing d iluted income per share because their effects were anti-dilutive. Additionally, approximately 52,000, 54,000, and 1,000 performance awards were outstanding during fiscal years 2024, 2023, and 2022, respectively, but not included in computing dilutive income per share because the performance criteria o f these stock awards were not met at the respective fiscal year ends.

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