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Earnings Per Common Share | 6 Months Ended
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Mar. 26, 2022
Earnings Per Common Share [Abstract] |
Earnings Per Common Share | I. 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 26, 2022 |  | March 26, 2022
|  | Class A |  | Class B |  | Class A |  | Class B
Numerator: Allocated net income |  |  |  |  |  |  |  |  |  |  |  |
Net income allocated, basic |  | $ | 52,934,311 |  | $ | 15,707,036 |  | $ | 103,831,190 |  | $ | 30,999,174
Conversion of Class B to Class A shares |  |  | 15,707,036 |  |  | — |  |  | 30,999,174 |  |  | —
Net income allocated, diluted |  | $ | 68,641,347 |  | $ | 15,707,036 |  | $ | 134,830,364 |  | $ | 30,999,174
Denominator: Weighted average shares outstanding |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding, basic |  |  | 14,320,981 |  |  | 4,673,395 |  |  | 14,299,096 |  |  | 4,695,280
Conversion of Class B to Class A shares |  |  | 4,673,395 |  |  | — |  |  | 4,695,280 |  |  | —
Weighted average shares outstanding, diluted |  |  | 18,994,376 |  |  | 4,673,395 |  |  | 18,994,376 |  |  | 4,695,280
Earnings per share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 3.70 |  | $ | 3.36 |  | $ | 7.26 |  | $ | 6.60
Diluted |  | $ | 3.61 |  | $ | 3.36 |  | $ | 7.10 |  | $ | 6.60
|  | 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

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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