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Earnings Per Common Share
 3 Months Ended
Dec. 28, 2013
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 paid on Class B Common Stock. 

 

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 declared per share for each class of stock, plus 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

 

Three Months Ended

 

 

December 28, 2013

 

December 29, 2012

 

 

Class A

 

Class B

 

Class A

 

Class B

Numerator: Allocated net income

 

 

               

 

 

 

 

 

 

 

 

 

Net income  allocated, basic

 

$
5,846,794 

 

$
3,686,335 

 

$
6,452,230 

 

$
5,115,418 

Conversion of Class B to Class A shares

 

  
3,686,335 

 

 

 —

 

 
5,115,418 

 

 

 —

Net income  allocated, diluted

 

$
9,533,129 

 

$
3,686,335 

 

$
11,567,648 

 

$
5,115,418 

 

 

  

 

 

 

 

 

 

 

 

 

 

Denominator: Weighted average shares outstanding

 

  

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic

 

  
13,439,523 

 

 
9,320,253 

 

 
12,954,485 

 

 
11,305,291 

Conversion of Class B to Class A shares

 

  
9,320,253 

 

 

 —

 

 
11,305,291 

 

 

 —

Weighted average shares outstanding, diluted

 

  
22,759,776 

 

 
9,320,253 

 

 
24,259,776 

 

 
11,305,291 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings  per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$
0.44 

 

$
0.40 

 

$
0.50 

 

$
0.45 

Diluted

 

$
0.42 

 

$
0.40 

 

$
0.48 

 

$
0.45