Earnings Per Common Share

6 Months Ended

Mar. 27, 2021

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 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				Six Months Ended
	March 27, 2021				March 27, 2021
	Class A		Class B		Class A		Class B
Numerator: Allocated net income
Net income allocated, basic	$	37,772,564	$	14,416,429	$	76,588,658	$	29,424,423
Conversion of Class B to Class A shares		14,416,429		—		29,424,423		—
Net income allocated, diluted	$	52,188,993	$	14,416,429	$	106,013,081	$	29,424,423

Denominator: Weighted average shares outstanding
Weighted average shares outstanding, basic		14,233,200		5,970,954		14,223,381		6,008,584
Conversion of Class B to Class A shares		5,970,954		—		6,008,584		—
Weighted average shares outstanding, diluted		20,204,154		5,970,954		20,231,965		6,008,584

Earnings per share
Basic	$	2.65	$	2.41	$	5.38	$	4.89
Diluted	$	2.58	$	2.41	$	5.24	$	4.89



	Three Months Ended				Six Months Ended
	March 28, 2020				March 28, 2020
	Class A		Class B		Class A		Class B
Numerator: Allocated net income
Net income allocated, basic	$	29,017,203	$	11,275,077	$	41,740,166	$	16,239,467
Conversion of Class B to Class A shares		11,275,077		—		16,239,467		—
Net income allocated, diluted	$	40,292,280	$	11,275,077	$	57,979,633	$	16,239,467

Denominator: Weighted average shares outstanding
Weighted average shares outstanding, basic		14,193,290		6,066,486		14,187,986		6,071,790
Conversion of Class B to Class A shares		6,066,486		—		6,071,790		—
Weighted average shares outstanding, diluted		20,259,776		6,066,486		20,259,776		6,071,790

Earnings per share
Basic	$	2.04	$	1.86	$	2.94	$	2.68
Diluted	$	1.99	$	1.86	$	2.86	$	2.68