Net Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 29, 2020

Earnings Per Share [Abstract]

Computation of Basic Net Income Per Share and Diluted Net Income Per Share

The following table sets forth the computation of basic net income (loss) per share and diluted net income (loss) per share under the two-class method:

	First Quarter
(in thousands, except per share data)	2020		2019
Numerator for basic and diluted net income (loss) per Common Stock and Class B Common Stock share:
Net income (loss) attributable to Coca-Cola Consolidated, Inc.	$	14,662	$	(6,831)
Less dividends:
Common Stock	1,786		1,785
Class B Common Stock	558		554
Total undistributed earnings (losses)	$	12,318	$	(9,170)
Common Stock undistributed earnings (losses) – basic	$	9,385	$	(6,996)
Class B Common Stock undistributed earnings (losses) – basic	2,933		(2,174)
Total undistributed earnings (losses) – basic	$	12,318	$	(9,170)
Common Stock undistributed earnings (losses) – diluted	$	9,314	$	(6,996)
Class B Common Stock undistributed earnings (losses) – diluted	3,004		(2,174)
Total undistributed earnings (losses) – diluted	$	12,318	$	(9,170)
Numerator for basic net income (loss) per Common Stock share:
Dividends on Common Stock	$	1,786	$	1,785
Common Stock undistributed earnings (losses) – basic	9,385		(6,996)
Numerator for basic net income (loss) per Common Stock share	$	11,171	$	(5,211)

	First Quarter
(in thousands, except per share data)	2020		2019
Numerator for basic and diluted net income (loss) per Common Stock and Class B Common Stock share:
Numerator for basic net income (loss) per Class B Common Stock share:
Dividends on Class B Common Stock	$	558	$	554
Class B Common Stock undistributed earnings (losses) – basic	2,933		(2,174)
Numerator for basic net income (loss) per Class B Common Stock share	$	3,491	$	(1,620)
Numerator for diluted net income (loss) per Common Stock share:
Dividends on Common Stock	$	1,786	$	1,785
Dividends on Class B Common Stock assumed converted to Common Stock	558		554
Common Stock undistributed earnings (losses) – diluted	12,318		(9,170)
Numerator for diluted net income (loss) per Common Stock share	$	14,662	$	(6,831)
Numerator for diluted net income (loss) per Class B Common Stock share:
Dividends on Class B Common Stock	$	558	$	554
Class B Common Stock undistributed earnings (losses) – diluted	3,004		(2,174)
Numerator for diluted net income (loss) per Class B Common Stock share	$	3,562	$	(1,620)
Denominator for basic net income (loss) per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – basic	7,141		7,141
Class B Common Stock weighted average shares outstanding – basic	2,232		2,219
Denominator for diluted net income (loss) per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – diluted (assumes conversion of Class B Common Stock to Common Stock)	9,444		9,360
Class B Common Stock weighted average shares outstanding – diluted	2,303		2,219
Basic net income (loss) per share:
Common Stock	$	1.56	$	(0.73)
Class B Common Stock	$	1.56	$	(0.73)
Diluted net income (loss) per share:
Common Stock	$	1.55	$	(0.73)
Class B Common Stock	$	1.55	$	(0.73)

NOTES TO TABLE

⁽¹⁾For purposes of the diluted net income (loss) per share computation for Common Stock, all shares of Class B Common Stock are assumed to be converted; therefore, 100% of undistributed earnings (losses) is allocated to Common Stock.

⁽²⁾For purposes of the diluted net income (loss) per share computation for Class B Common Stock, weighted average shares of Class B Common Stock are assumed to be outstanding for the entire period and not converted.

⁽³⁾For periods presented during which the Company has net income, the denominator for diluted net income per share for Common Stock and Class B Common Stock included the dilutive effect of shares relative to the Long-Term Performance Equity Plan. For periods presented during which the Company has net loss, the unvested performance units granted pursuant to the Long-Term Performance Equity Plan are excluded from the calculation of diluted net loss per share, as the effect of these awards would be anti-dilutive. See Note 2 for additional information on the Long-Term Performance Equity Plan.

⁽⁴⁾The Long-Term Performance Equity Plan awards may be settled in cash and/or shares of the Company’s Class B Common Stock. Once an election has been made to settle an award in cash, the dilutive effect of shares relative to such award is prospectively removed from the denominator for the calculation of diluted net income (loss) per share.

⁽⁵⁾The Company did not have anti-dilutive shares for any periods presented.