Earnings Per Common Share

9 Months Ended

Jun. 26, 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				Nine Months Ended
	June 26, 2021				June 26, 2021
	Class A		Class B		Class A		Class B
Numerator: Allocated net income
Net income allocated, basic	$	55,276,248	$	16,698,244	$	131,185,114	$	46,802,459
Conversion of Class B to Class A shares		16,698,244		—		46,802,459		—
Net income allocated, diluted	$	71,974,492	$	16,698,244	$	177,987,573	$	46,802,459

Denominator: Weighted average shares outstanding
Weighted average shares outstanding, basic		14,257,035		4,737,341		14,234,599		5,584,837
Conversion of Class B to Class A shares		4,737,341		—		5,584,837		—
Weighted average shares outstanding, diluted		18,994,376		4,737,341		19,819,436		5,584,837

Earnings per share
Basic	$	3.88	$	3.52	$	9.22	$	8.38
Diluted	$	3.79	$	3.52	$	8.98	$	8.38



	Three Months Ended				Nine Months Ended
	June 27, 2020				June 27, 2020
	Class A		Class B		Class A		Class B
Numerator: Allocated net income
Net income allocated, basic	$	45,205,674	$	17,547,368	$	86,935,954	$	33,796,721
Conversion of Class B to Class A shares		17,547,368		—		33,796,721		—
Net income allocated, diluted	$	62,753,042	$	17,547,368	$	120,732,675	$	33,796,721

Denominator: Weighted average shares outstanding
Weighted average shares outstanding, basic		14,197,250		6,062,526		14,191,074		6,068,702
Conversion of Class B to Class A shares		6,062,526		—		6,068,702		—
Weighted average shares outstanding, diluted		20,259,776		6,062,526		20,259,776		6,068,702

Earnings per share
Basic	$	3.18	$	2.89	$	6.13	$	5.57
Diluted	$	3.10	$	2.89	$	5.96	$	5.57