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General (Tables)

9 Months Ended

Sep. 26, 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			39 Weeks			39 Weeks
		Ended			Ended			Ended			Ended
		September 26, 2019			September 27, 2018			September 26, 2019			September 27, 2018
		(in thousands, except per share data)
Numerator:
Net earnings attributable to The Marcus Corporation		$	14,289		$	16,231		$	34,215		$	44,671
Denominator:
Denominator for basic EPS			30,918			28,180			30,566			28,028
Effect of dilutive employee stock options			443			638			518			606
Denominator for diluted EPS			31,361			28,818			31,084			28,634
Net earnings per share - basic:
Common Stock		$	0.47		$	0.60		$	1.18		$	1.65
Class B Common Stock		$	0.43		$	0.52		$	1.02		$	1.47
Net earnings per share - diluted:
Common Stock		$	0.46		$	0.56		$	1.10		$	1.56
Class B Common Stock		$	0.43		$	0.51		$	1.01		$	1.44

Schedule of Stockholders Equity

Shareholders’ Equity - Activity impacting total shareholders’ equity attributable to The Marcus Corporation and noncontrolling interests for the 13 and 39 weeks ended September 26, 2019 and September 27, 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
Cash Dividends:
$.15 Class B Common Stock			—			—			—			(1,155)			—			—			(1,155)			—			(1,155)
$.16 Common Stock			—			—			—			(3,677)			—			—			(3,677)			—			(3,677)
Exercise of stock options			—			—			(134)			—			—			574			440			—			440
Purchase of treasury stock			—			—			—			—			—			(478)			(478)			—			(478)
Reissuance of treasury stock			—			—			28			—			—			19			47			—			47
Issuance of non-vested stock			—			—			(131)			—			—			131			—			—			—
Shared-based compensation			—			—			868			—			—			—			868			—			868
Distributions to noncontrolling interest			—			—			—			—			—			—			—			(90)			(90)
Comprehensive income (loss)			—			—			—			14,289			(27)			—			14,262			(59)			14,203
BALANCES AT SEPTEMBER 26, 2019		$	23,254		$	7,936		$	144,687		$	458,915		$	(7,435)		$	(4,828)		$	622,529		$	(29)		$	622,500

																				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
Cash Dividends:
$.14 Class B Common Stock			—			—			—			(1,139)			—			—			(1,139)			—			(1,139)
$.15 Common Stock			—			—			—			(2,980)			—			—			(2,980)			—			(2,980)
Exercise of stock options			—			—			(672)			—			—			5,471			4,799			—			4,799
Purchase of treasury stock			—			—			—			—			—			(1,949)			(1,949)			—			(1,949)
Reissuance of treasury stock			—			—			32			—			—			15			47			—			47
Issuance of non-vested stock			—			—			(113)			—			—			113			—			—			—
Shared-based compensation			—			—			639			—			—			—			639			—			639
Conversions of Class B Common Stock			173			(173)			—			—			—			—			—			—			—
Distributions to noncontrolling interest			—			—			—			—			—			—			—			(46)			(46)
Comprehensive income (loss)			—			—			—			16,231			351			—			16,582			(8)			16,574
BALANCES AT SEPTEMBER 27, 2018		$	22,842		$	8,348		$	63,139		$	434,595		$	(8,323)		$	(37,670)		$	482,931		$	105		$	483,036

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:

		September 26,			December 27,
		2019			2018
		(in thousands)
Unrecognized loss on interest rate swap agreements		$	(1,064)		$	(149)
Net unrecognized actuarial loss for pension obligation			(6,371)			(6,609)
		$	(7,435)		$	(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			39 Weeks			39 Weeks
		Ended			Ended			Ended			Ended
		September 26, 2019			September 27, 2018			September 26, 2019			September 27, 2018
		(in thousands)
Service cost		$	207		$	231		$	625		$	694
Interest cost			372			341			1,114			1,023
Net amortization of prior service cost and actuarial loss			109			156			327			466
Net periodic pension cost		$	688		$	728		$	2,066		$	2,183

Schedule of Disaggregation of Revenue

The disaggregation of revenues by business segment for the 13 and 39 weeks ended September 26, 2019 is as follows (in thousands):

		13 Weeks Ended September 26, 2019
		Reportable Segment
		Theatres			Hotels/Resorts			Corporate			Total
Theatre admissions		$	69,753		$	—		$	—		$	69,753
Rooms			—			34,185			—			34,185
Theatre concessions			57,051			—			—			57,051
Food and beverage			—			20,170			—			20,170
Other revenues (1)			9,781			13,003			88			22,872
Cost reimbursements			217			7,214			—			7,431
Total revenues		$	136,802		$	74,572		$	88		$	211,462

₍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.

		39 Weeks Ended September 26, 2019
		Reportable Segment
		Theatres			Hotels/Resorts			Corporate			Total
Theatre admissions		$	211,777		$	—		$	—		$	211,777
Rooms			—			81,317			—			81,317
Theatre concessions			172,126			—			—			172,126
Food and beverage			—			54,568			—			54,568
Other revenues (1)			29,525			36,386			323			66,234
Cost reimbursements			646			27,333			—			27,979
Total revenues		$	414,074		$	199,604		$	323		$	614,001

₍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 39 weeks ended September 27, 2018 is as follows (in thousands):

		13 Weeks Ended September 27, 2018
		Reportable Segment
		Theatres			Hotels/Resorts			Corporate			Total
Theatre admissions		$	52,422		$	—		$	—		$	52,422
Rooms			—			34,467			—			34,467
Theatre concessions			35,476			—			—			35,476
Food and beverage			—			19,333			—			19,333
Other revenues (1)			6,893			12,822			98			19,813
Cost reimbursements			218			8,870			—			9,088
Total revenues		$	95,009		$	75,492		$	98		$	170,599

₍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.

		39 Weeks Ended September 27, 2018
		Reportable Segment
		Theatres			Hotels/Resorts			Corporate			Total
Theatre admissions		$	185,035		$	—		$	—		$	185,035
Rooms			—			84,256			—			84,256
Theatre concessions			123,687			—			—			123,687
Food and beverage			—			53,972			—			53,972
Other revenues (1)			23,591			35,453			318			59,362
Cost reimbursements			1,084			24,692			—			25,776
Total revenues		$	333,397		$	198,373		$	318		$	532,088

₍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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