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Earnings Per Common Share
 9 Months Ended
Jun. 28, 2014
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 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 conversion of all shares of Class B Common Stock to shares of Class A Common Stock on a share-for-share basis unless the conversion is anti-dilutive.  For the three months ended June 29, 2013, 11,227,553 shares of convertible Class B Common Stock were not included in the diluted earnings per share calculation.  The tables below reconcile the numerators and denominators of basic and diluted earnings per share for current and prior periods.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

June 28, 2014

 

June 28, 2014

 

 

Class A

 

Class B

 

Class A

 

Class B

Numerator: Allocated net income

 

 

               

 

 

 

 

 

 

 

 

 

Net income allocated, basic

 

$
8,527,374 

 

$
5,306,856 

 

$
20,784,430 

 

$
13,037,857 

Conversion of Class B to Class A shares

 

  
5,306,856 

 

 

 —

 

 
13,037,857 

 

 

 —

Net income allocated, diluted

 

$
13,834,230 

 

$
5,306,856 

 

$
33,822,287 

 

$
13,037,857 

 

 

  

 

 

 

 

 

 

 

 

 

 

Denominator: Weighted average shares outstanding

 

  

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic

 

  
13,509,637 

 

 
9,250,139 

 

 
13,468,474 

 

 
9,291,302 

Conversion of Class B to Class A shares

 

  
9,250,139 

 

 

 —

 

 
9,291,302 

 

 

 —

Weighted average shares outstanding, diluted

 

  
22,759,776 

 

 
9,250,139 

 

 
22,759,776 

 

 
9,291,302 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$
0.63 

 

$
0.57 

 

$
1.54 

 

$
1.40 

Diluted

 

$
0.61 

 

$
0.57 

 

$
1.49 

 

$
1.40 

 

The per share amounts for the third quarter of fiscal 2013 and the nine months ended June 29, 2013 are based on the following amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Three Months Ended

 

Nine Months Ended

 

 

June 29, 2013

 

June 29, 2013

 

 

Class A

 

Class B

 

Class A

 

Class B

Numerator: Allocated net income

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) allocated, basic

 

$
(8,081,085)

 

$
(6,343,138)

 

$
2,904,941 

 

$
2,328,639 

Conversion of Class B to Class A shares

 

  

 —

 

 

—

 

 
2,328,639 

 

 

—

Net income (loss) allocated, diluted

 

$
(8,081,085)

 

$
(6,343,138)

 

$
5,233,580 

 

$
2,328,639 

 

 

  

 

 

 

 

 

 

 

 

 

 

Denominator: Weighted average shares outstanding

 

  

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic

 

  
12,982,792 

 

 
11,227,533 

 

 
12,966,377 

 

 
11,276,916 

Conversion of Class B to Class A shares

 

  

 —

 

 

—

 

 
11,276,916 

 

 

—

Weighted average shares outstanding, diluted

 

  
12,982,792 

 

 
11,227,533 

 

 
24,243,293 

 

 
11,276,916 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$
(0.62)

 

$
(0.56)

 

$
0.23 

 

$
0.21 

Diluted

 

$
(0.62)

 

$
(0.56)

 

$
0.21 

 

$
0.21