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Earnings Per Common Share
 12 Months Ended
Sep. 28, 2013
Earnings Per Common Share [Abstract]  
Earnings Per Common Share

9. Earnings Per Common Share

 

The Company calculates earnings per share using the two-class method in accordance with 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.  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

  

September 28, 2013

 

 

Class A

 

Class B

Numerator: Allocated net income

 

 

 

 

 

 

Net income allocated, basic

  

$
11,638,545 

  

$
9,157,345 

Conversion of Class B to Class A shares

  

 
9,157,345 

  

 

—

Net income allocated, diluted

  

$
20,795,890 

  

$
9,157,345 

 

 

 

 

 

 

 

Denominator: Weighted average shares outstanding

  

 

 

  

 

 

Weighted average shares outstanding, basic

  

 
13,054,425 

  

 
10,817,989 

Conversion of Class B to Class A shares

  

 
10,817,989 

  

 

—

Weighted average shares outstanding, diluted

  

 
23,872,414 

  

 
10,817,989 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

    Basic

  

$
0.89 

  

$
0.85 

    Diluted

  

$
0.87 

  

$
0.85 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

Year Ended

 

 

September 29, 2012

 

September 24, 2011

 

  

Class A

 

Class B

  

Class A

  

Class B

Numerator: Allocated net income

 

 

 

 

 

 

 

 

 

 

 

 

Net income allocated, basic

  

$
24,151,777 

  

$
19,292,566 

  

$
21,540,808 

  

$
17,518,702 

Conversion of Class B to Class A shares

  

 
19,292,566 

  

 

—

  

 
17,518,702 

  

 

—

Net income allocated, diluted

  

$
43,444,343 

  

$
19,292,566 

  

$
39,059,510 

  

$
17,518,702 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator: Weighted average shares outstanding

  

 

 

  

 

 

  

 

 

  

 

 

Weighted average shares outstanding, basic

  

 
12,936,583 

  

 
11,364,899 

  

 
12,905,408 

  

 
11,542,049 

Conversion of Class B to Class A shares

  

 
11,364,899 

  

 

—

  

 
11,542,049 

  

 

—

Weighted average shares outstanding, diluted

  

 
24,301,482 

  

 
11,364,899 

  

 
24,447,457 

  

 
11,542,049 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

    Basic

  

$
1.87 

  

$
1.70 

  

$
1.67 

  

$
1.52 

    Diluted

  

$
1.79 

  

$
1.70 

  

$
1.60 

  

$
1.52