Earnings Per Common Share

9 Months Ended

Jun. 27, 2015

Earnings Per Common Share [Abstract]

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. 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 27, 2015				June 27, 2015
	Class A		Class B		Class A		Class B
Numerator: Allocated net income
Net income allocated, basic	$	9,646,468	$	4,130,217	$	29,934,820	$	13,182,414
Conversion of Class B to Class A shares		4,130,217		—		13,182,414		—
Net income allocated, diluted	$	13,776,685	$	4,130,217	$	43,117,234	$	13,182,414

Denominator: Weighted average shares outstanding
Weighted average shares outstanding, basic		13,777,019		6,482,757		13,657,699		6,602,077
Conversion of Class B to Class A shares		6,482,757		—		6,602,077		—
Weighted average shares outstanding, diluted		20,259,776		6,482,757		20,259,776		6,602,077

Earnings per share
Basic	$	0.70	$	0.63	$	2.19	$	1.99
Diluted	$	0.68	$	0.63	$	2.13	$	1.99

The per share amounts for the third quarter of fiscal 2014 and the nine months ended June 28, 2014 are based on the following amounts:



	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