Earnings Per Common Share

9 Months Ended

Jun. 24, 2023

Earnings Per Common Share [Abstract]

I. EARNINGS PER COMMON SHARE

The Company has two classes of common stock: Class A Common Stock, which is publicly traded, and Class B Common Stock, 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 24, 2023				June 24, 2023
	Class A		Class B		Class A		Class B
Numerator: Allocated net income
Net income allocated, basic	$	37,416,992	$	10,842,551	$	122,532,744	$	35,638,085
Conversion of Class B to Class A shares		10,842,551		—		35,638,085		—
Net income allocated, diluted	$	48,259,543	$	10,842,551	$	158,170,829	$	35,638,085

Denominator: Weighted average shares outstanding
Weighted average shares outstanding, basic		14,404,387		4,589,989		14,390,853		4,603,523
Conversion of Class B to Class A shares		4,589,989		—		4,603,523		—
Weighted average shares outstanding, diluted		18,994,376		4,589,989		18,994,376		4,603,523

Earnings per share
Basic	$	2.60	$	2.36	$	8.51	$	7.74
Diluted	$	2.54	$	2.36	$	8.33	$	7.74



	Three Months Ended				Nine Months Ended
	June 25, 2022				June 25, 2022
	Class A		Class B		Class A		Class B
Numerator: Allocated net income
Net income allocated, basic	$	52,356,721	$	15,406,187	$	156,187,339	$	46,405,934
Conversion of Class B to Class A shares		15,406,187		—		46,405,934		—
Net income allocated, diluted	$	67,762,908	$	15,406,187	$	202,593,273	$	46,405,934

Denominator: Weighted average shares outstanding
Weighted average shares outstanding, basic		14,350,835		4,643,541		14,316,342		4,678,034
Conversion of Class B to Class A shares		4,643,541		—		4,678,034		—
Weighted average shares outstanding, diluted		18,994,376		4,643,541		18,994,376		4,678,034

Earnings per share
Basic	$	3.65	$	3.32	$	10.91	$	9.92
Diluted	$	3.57	$	3.32	$	10.67	$	9.92