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Net Income Per Share
 9 Months Ended
Sep. 27, 2020
Earnings Per Share [Abstract]  
Net Income Per Share Net Income Per Share
The following table sets forth the computation of basic net income per share and diluted net income per share under the two-class method:

Third QuarterFirst Nine Months
(in thousands, except per share data)2020201920202019
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income attributable to Coca‑Cola Consolidated, Inc.$51,884 $13,006 $106,115 $21,545 
Less dividends:
Common Stock1,785 1,786 5,356 5,356 
Class B Common Stock559 558 1,674 1,670 
Total undistributed earnings$49,540 $10,662 $99,085 $14,519 
Common Stock undistributed earnings – basic$37,743 $8,123 $75,490 $11,066 
Class B Common Stock undistributed earnings – basic11,797 2,539 23,595 3,453 
Total undistributed earnings – basic$49,540 $10,662 $99,085 $14,519 
Common Stock undistributed earnings – diluted$37,515 $8,089 $75,034 $11,019 
Class B Common Stock undistributed earnings – diluted12,025 2,573 24,051 3,500 
Total undistributed earnings – diluted$49,540 $10,662 $99,085 $14,519 
Numerator for basic net income per Common Stock share:
Dividends on Common Stock$1,785 $1,786 $5,356 $5,356 
Common Stock undistributed earnings – basic37,743 8,123 75,490 11,066 
Numerator for basic net income per Common Stock share$39,528 $9,909 $80,846 $16,422 
Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock$559 $558 $1,674 $1,670 
Class B Common Stock undistributed earnings – basic11,797 2,539 23,595 3,453 
Numerator for basic net income per Class B Common Stock share$12,356 $3,097 $25,269 $5,123 
Third QuarterFirst Nine Months
(in thousands, except per share data)2020201920202019
Numerator for diluted net income per Common Stock share:
Dividends on Common Stock$1,785 $1,786 $5,356 $5,356 
Dividends on Class B Common Stock assumed converted to Common Stock559 558 1,674 1,670 
Common Stock undistributed earnings – diluted49,540 10,662 99,085 14,519 
Numerator for diluted net income per Common Stock share$51,884 $13,006 $106,115 $21,545 
Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock$559 $558 $1,674 $1,670 
Class B Common Stock undistributed earnings – diluted12,025 2,573 24,051 3,500 
Numerator for diluted net income per Class B Common Stock share$12,584 $3,131 $25,725 $5,170 
Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – basic7,141 7,141 7,141 7,141 
Class B Common Stock weighted average shares outstanding – basic2,232 2,232 2,232 2,228 
Denominator for diluted net income 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)9,430 9,413 9,430 9,409 
Class B Common Stock weighted average shares outstanding – diluted2,289 2,272 2,289 2,268 
Basic net income per share:
Common Stock$5.53 $1.39 $11.32 $2.30 
Class B Common Stock$5.53 $1.39 $11.32 $2.30 
Diluted net income per share:
Common Stock$5.51 $1.38 $11.25 $2.29 
Class B Common Stock$5.51 $1.38 $11.24 $2.28 

NOTES TO TABLE

(1)For purposes of the diluted net income per share computation for Common Stock, all shares of Class B Common Stock are assumed to be converted; therefore, 100% of undistributed earnings is allocated to Common Stock.
(2)For purposes of the diluted net income 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 had net income, the denominator for diluted net income per share for Common Stock and Class B Common Stock includes the dilutive effect of shares relative to the Long-Term Performance Equity Plan. For periods presented during which the Company had net loss, the unvested shares granted pursuant to the Long-Term Performance Equity Plan are excluded from the computation of diluted net loss per share, as the effect would have been 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 in the computation of diluted net income per share.
(5)The Company did not have anti-dilutive shares for any periods presented.