XML 29 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Earnings Per Common Share
 3 Months Ended
Dec. 24, 2011
Earnings Per Common Share [Abstract]  
Earnings Per Common Share

H. EARNINGS PER COMMON SHARE

The Company has two classes of common stock: Class A, which is publicly traded, and Class B, which has no public market. The Class B Common Stock has restrictions on transfer; however, each share is convertible into one share of Class A Common Stock at any time. Each share of Class A Common Stock has one vote per share and each share of Class B Common Stock has ten votes per share. Each share of Class A Common Stock is entitled to receive cash dividends equal to 110% of any cash dividend on Class B Common Stock.

The Company calculates earnings per share for its Class A Common Stock and Class B Common Stock using the two-class method in accordance with Financial Accounting Standards Board Accounting Standards Codification ("FASB ASC") Topic 260.

The two-class method of computing basic earnings per share for each period reflects the cash dividends paid per share for each class of stock, plus the amount of allocated undistributed earnings per share computed using the participation percentage which reflects the dividend rights of each class of stock. Diluted earnings per share is calculated assuming the conversion of all shares of Class B Common Stock to shares of Class A Common Stock on a share-for-share basis. The tables below reconcile the numerators and denominators of basic and diluted earnings per share for current and prior periods.

 

     THREE MONTHS ENDED
DECEMBER 24, 2011		      THREE MONTHS ENDED
DECEMBER 25, 2010		  
     CLASS A      CLASS B      CLASS A      CLASS B  

Numerator: Allocated net income

            

Net income allocated, basic

    $ 5,864,420       $ 4,732,796       $ 4,212,465       $ 3,440,129   

Conversion of Class B to Class A shares

      4,732,796         —           3,440,129         —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income allocated, diluted

    $ 10,597,216       $ 4,732,796       $ 7,652,594       $ 3,440,129   
  

 

 

     

 

 

     

 

 

     

 

 

  

Denominator: Weighted average shares outstanding

            

Weighted average shares outstanding, basic

      12,939,090         11,485,020         12,890,084         11,576,120   

Conversion of Class B to Class A shares

      11,485,020         —           11,576,120         —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average shares outstanding, diluted

      24,424,110         11,485,020         24,466,204         11,576,120   
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings per share

            

Basic

    $ 0.45       $ 0.41       $ 0.33       $ 0.30   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted

    $ 0.43       $ 0.41       $ 0.31       $ 0.30