Net Income Per Share

3 Months Ended

Apr. 02, 2021

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


	First Quarter
(in thousands, except per share data)	2021		2020
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income attributable to Coca‑Cola Consolidated, Inc.	$	53,363	$	14,662
Less dividends:
Common Stock	1,785		1,786
Class B Common Stock	558		558
Total undistributed earnings	$	51,020	$	12,318

Common Stock undistributed earnings – basic	$	38,871	$	9,385
Class B Common Stock undistributed earnings – basic	12,149		2,933
Total undistributed earnings – basic	$	51,020	$	12,318

Common Stock undistributed earnings – diluted	$	38,722	$	9,314
Class B Common Stock undistributed earnings – diluted	12,298		3,004
Total undistributed earnings – diluted	$	51,020	$	12,318

Numerator for basic net income per Common Stock share:
Dividends on Common Stock	$	1,785	$	1,786
Common Stock undistributed earnings – basic	38,871		9,385
Numerator for basic net income per Common Stock share	$	40,656	$	11,171

Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	558	$	558
Class B Common Stock undistributed earnings – basic	12,149		2,933
Numerator for basic net income per Class B Common Stock share	$	12,707	$	3,491

Numerator for diluted net income per Common Stock share:
Dividends on Common Stock	$	1,785	$	1,786
Dividends on Class B Common Stock assumed converted to Common Stock	558		558
Common Stock undistributed earnings – diluted	51,020		12,318
Numerator for diluted net income per Common Stock share	$	53,363	$	14,662


	First Quarter
(in thousands, except per share data)	2021		2020
Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	558	$	558
Class B Common Stock undistributed earnings – diluted	12,298		3,004
Numerator for diluted net income per Class B Common Stock share	$	12,856	$	3,562

Denominator for basic net income 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		2,232

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)	9,409		9,444
Class B Common Stock weighted average shares outstanding – diluted	2,268		2,303

Basic net income per share:
Common Stock	$	5.69	$	1.56
Class B Common Stock	$	5.69	$	1.56

Diluted net income per share:
Common Stock	$	5.67	$	1.55
Class B Common Stock	$	5.67	$	1.55

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 has 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 has 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.