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General (Tables)

6 Months Ended

Jun. 27, 2019

General

Schedule of Earnings Per Share, Basic and Diluted

The following table illustrates the computation of Common Stock and Class B Common Stock basic and diluted net earnings per share for net earnings and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding:

		13 Weeks			13 Weeks			26 Weeks			26 Weeks
		Ended			Ended			Ended			Ended
		June 27, 2019			June 28, 2018			June 27, 2019			June 28, 2018
		(in thousands, except per share data)
Numerator:
Net earnings attributable to The Marcus Corporation		$	18,066		$	18,619		$	19,926		$	28,440
Denominator:
Denominator for basic EPS			30,897			28,010			30,390			27,952
Effect of dilutive employee stock options			504			611			558			582
Denominator for diluted EPS			31,401			28,621			30,948			28,534
Net earnings per share - basic:
Common Stock		$	0.60		$	0.68		$	0.68		$	1.05
Class B Common Stock		$	0.54		$	0.62		$	0.59		$	0.95
Net earnings per share - diluted:
Common Stock		$	0.58		$	0.65		$	0.64		$	1.00
Class B Common Stock		$	0.54		$	0.61		$	0.59		$	0.93

Schedule of Stockholders Equity

Shareholders’ Equity - Activity impacting total shareholders’ equity attributable to The Marcus Corporation and noncontrolling interests for the 13 and 26 weeks ended June 27, 2019 and June 28, 2018 was as follows (in thousands, except per share data):

																				Shareholders’
																				Equity
														Accumulated						Attributable
					Class B			Capital						Other						to The			Non-
		Common			Common			in Excess			Retained			Comprehensive			Treasury			Marcus			controlling			Total
		Stock			Stock			of Par			Earnings			Loss			Stock			Corporation			Interests			Equity
BALANCES AT DECEMBER 27, 2018		$	22,843		$	8,347		$	63,830		$	439,178		$	(6,758)		$	(37,431)		$	490,009		$	110		$	490,119
Cash Dividends:
$.15 Class B Common Stock			—			—			—			(1,183)			—			—			(1,183)			—			(1,183)
$.16 Common Stock			—			—			—			(3,633)			—			—			(3,633)			—			(3,633)
Exercise of stock options			—			—			(78)			—			—			532			454			—			454
Purchase of treasury stock			—			—			—			—			—			(428)			(428)			—			(428)
Savings and profit-sharing contribution			—			—			810			—			—			371			1,181			—			1,181
Reissuance of treasury stock			—			—			31			—			—			16			47			—			47
Issuance of non-vested stock			—			—			(127)			—			—			127			—			—			—
Shared-based compensation			—			—			777			—			—			—			777			—			777
Reissuance of treasury stock-acquisition			—			—			77,960			—			—			31,237			109,197			—			109,197
Other			—			—			(109)			—			—			—			(109)			—			(109)
Conversions of Class B Common Stock			411			(411)			—			—			—			—			—			—			—
Distributions to noncontrolling interest			—			—			—			—			—			—			—			(60)			(60)
Comprehensive income (loss)			—			—			—			1,860			(297)			—			1,563			(66)			1,497
BALANCES AT MARCH 28, 2019		$	23,254		$	7,936		$	143,094		$	436,222		$	(7,055)		$	(5,576)		$	597,875		$	(16)		$	597,859
Cash Dividends:
$.15 Class B Common Stock			—			—			—			(1,155)			—			—			(1,155)			—			(1,155)
$.16 Common Stock			—			—			—			(3,675)			—			—			(3,675)			—			(3,675)
Exercise of stock options			—			—			(27)			—			—			477			450			—			450
Purchase of treasury stock			—			—			—			—			—			(213)			(213)			—			(213)
Reissuance of treasury stock			—			—			182			—			—			96			278			—			278
Issuance of non-vested stock			—			—			(142)			—			—			142			—			—			—
Shared-based compensation			—			—			949			—			—			—			949			—			949
Distributions to noncontrolling interest			—			—			—			—			—			—			—			(35)			(35)
Comprehensive income (loss)			—			—			—			18,066			(353)			—			17,713			171			17,884
BALANCES AT JUNE 27, 2019		$	23,254		$	7,936		$	144,056		$	449,458		$	(7,408)		$	(5,074)		$	612,222		$	120		$	612,342

																				Shareholders’
																				Equity
														Accumulated						Attributable
					Class B			Capital						Other						to The			Non-
		Common			Common			in Excess			Retained			Comprehensive			Treasury			Marcus			controlling			Total
		Stock			Stock			of Par			Earnings			Income (Loss)			Stock			Corporation			Interests			Equity
BALANCES AT DECEMBER 28, 2017		$	22,656		$	8,534		$	61,452		$	403,206		$	(7,425)		$	(43,399)		$	445,024		$	100		$	445,124
Amount reclassified to retained earnings on December 29, 2017 in connection with the adoption of ASU No. 2016-01			—			—			—			(11)			11			—			—			—			—
Amount reclassified to retained earnings on December 29, 2017 in connection with the adoption of ASU No. 2018-02			—			—			—			1,574			(1,574)			—			—			—			—
Amount reclassified to retained earnings  on December 29, 2017 in connection with the adoption of ASU No. 2014-09			—			—			—			(2,568)			—			—			(2,568)			—			(2,568)
Cash Dividends:
$.14 Class B Common Stock			—			—			—			(1,163)			—			—			(1,163)			—			(1,163)
$.15 Common Stock			—			—			—			(2,907)			—			—			(2,907)			—			(2,907)
Exercise of stock options			—			—			(62)			—			—			991			929			—			929
Purchase of treasury stock			—			—			—			—			—			(453)			(453)			—			(453)
Savings and profit-sharing contribution			—			—			651			—			—			479			1,130			—			1,130
Reissuance of treasury stock			—			—			26			—			—			23			49			—			49
Issuance of non-vested stock			—			—			(108)			—			—			108			—			—			—
Shared-based compensation			—			—			596			—			—			—			596			—			596
Conversions of Class B Common Stock			8			(8)			—			—			—			—			—			—			—
Distributions to noncontrolling interest			—			—			—			—			—			—			—			(19)			(19)
Comprehensive income (loss)			—			—			—			9,821			(30)			—			9,791			(15)			9,776
BALANCES AT MARCH 29, 2018		$	22,664		$	8,526		$	62,555		$	407,952		$	(9,018)		$	(42,251)		$	450,428		$	66		$	450,494
Cash Dividends:
$.14 Class B Common Stock			—			—			—			(1,162)			—			—			(1,162)			—			(1,162)
$.15 Common Stock			—			—			—			(2,926)			—			—			(2,926)			—			(2,926)
Exercise of stock options			—			—			(33)			—			—			1,207			1,174			—			1,174
Purchase of treasury stock			—			—			—			—			—			(496)			(496)			—			(496)
Reissuance of treasury stock			—			—			143			—			—			93			236			—			236
Issuance of non-vested stock			—			—			(127)			—			—			127			—			—			—
Shared-based compensation			—			—			715			—			—			—			715			—			715
Conversions of Class B Common Stock			5			(5)			—			—			—			—			—			—			—
Comprehensive income (loss)			—			—			—			18,619			344			—			18,963			93			19,056
BALANCES AT JUNE 28, 2018		$	22,669		$	8,521		$	63,253		$	422,483		$	(8,674)		$	(41,320)		$	466,932		$	159		$	467,091

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax:

		June 27,			December 27,
		2019			2018
		(in thousands)
Unrecognized loss on interest rate swap agreements		$	(958)		$	(149)
Net unrecognized actuarial loss for pension obligation			(6,450)			(6,609)
		$	(7,408)		$	(6,758)

Schedule of Accumulated Other Comprehensive Income (Loss)

The components of the net periodic pension cost of the Company’s unfunded nonqualified, defined-benefit plan are as follows:

		13 Weeks			13 Weeks			26 Weeks			26 Weeks
		Ended			Ended			Ended			Ended
		June 27, 2019			June 28, 2018			June 27, 2019			June 28, 2018
		(in thousands)
Service cost		$	209		$	231		$	418		$	463
Interest cost			371			341			742			682
Net amortization of prior service cost and actuarial loss			109			155			218			310
Net periodic pension cost		$	689		$	727		$	1,378		$	1,455

Schedule of Disaggregation of Revenue

The disaggregation of revenues by business segment for the 13 and 26 weeks ended June 27, 2019 is as follows (in thousands):

		13 Weeks Ended June 27, 2019
		Reportable Segment
		Theatres			Hotels/Resorts			Corporate			Total
Theatre admissions		$	83,055		$	—		$	—		$	83,055
Rooms			—			28,194			—			28,194
Theatre concessions			67,920			—			—			67,920
Food and beverage			—			18,615			—			18,615
Other revenues (1)			11,175			11,216			142			22,533
Cost reimbursements			237			11,946			—			12,183
Total revenues		$	162,387		$	69,971		$	142		$	232,500

(1) Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers under ASC Topic 606.

		26 Weeks Ended June 27, 2019
		Reportable Segment
		Theatres			Hotels/Resorts			Corporate			Total
Theatre admissions		$	142,024		$	—		$	—		$	142,024
Rooms			—			47,132			—			47,132
Theatre concessions			115,075			—			—			115,075
Food and beverage			—			34,398			—			34,398
Other revenues (1)			19,744			23,383			235			43,362
Cost reimbursements			429			20,119			—			20,548
Total revenues		$	277,272		$	125,032		$	235		$	402,539

(1) Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers under ASC Topic 606.

The disaggregation of revenues by business segment for the 13 and 26 weeks ended June 28, 2018 is as follows (in thousands):

		13 Weeks Ended June 28, 2018
		Reportable Segment
		Theatres			Hotels/Resorts			Corporate			Total
Theatre admissions		$	69,607		$	—		$	—		$	69,607
Rooms			—			29,118			—			29,118
Theatre concessions			46,798			—			—			46,798
Food and beverage			—			18,836			—			18,836
Other revenues (1)			8,661			11,230			132			20,023
Cost reimbursements			387			8,529			—			8,916
Total revenues		$	125,453		$	67,713		$	132		$	193,298

(1) Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers under ASC Topic 606.

		26 Weeks Ended June 28, 2018
		Reportable Segment
		Theatres			Hotels/Resorts			Corporate			Total
Theatre admissions		$	132,613		$	—		$	—		$	132,613
Rooms			—			49,789			—			49,789
Theatre concessions			88,211			—			—			88,211
Food and beverage			—			34,639			—			34,639
Other revenues (1)			16,698			22,631			220			39,549
Cost reimbursements			866			15,822			—			16,688
Total revenues		$	238,388		$	122,881		$	220		$	361,489

(1) Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers under ASC Topic 606.

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