Net Income per Share

12 Months Ended

Dec. 28, 2024

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 diluted 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 of these stock awards were not met at the respective fiscal year ends.