Net Income Per Share

12 Months Ended

Dec. 31, 2023

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. See Note 1 for additional information related to net income per share.

	Fiscal Year
(in thousands, except per share data)	2023		2022		2021
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income	$	408,375	$	430,158	$	189,580
Less dividends:
Common Stock	41,844		8,062		7,141
Class B Common Stock	5,024		1,312		2,233
Total undistributed earnings	$	361,507	$	420,784	$	180,206
Common Stock undistributed earnings – basic	$	322,749	$	364,359	$	137,293
Class B Common Stock undistributed earnings – basic	38,758		56,425		42,913
Total undistributed earnings – basic	$	361,507	$	420,784	$	180,206
Common Stock undistributed earnings – diluted	$	322,131	$	363,158	$	136,899
Class B Common Stock undistributed earnings – diluted	39,376		57,626		43,307
Total undistributed earnings – diluted	$	361,507	$	420,784	$	180,206
Numerator for basic net income per Common Stock share:
Dividends on Common Stock	$	41,844	$	8,062	$	7,141
Common Stock undistributed earnings – basic	322,749		364,359		137,293
Numerator for basic net income per Common Stock share	$	364,593	$	372,421	$	144,434
Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	5,024	$	1,312	$	2,233
Class B Common Stock undistributed earnings – basic	38,758		56,425		42,913
Numerator for basic net income per Class B Common Stock share	$	43,782	$	57,737	$	45,146
Numerator for diluted net income per Common Stock share:
Dividends on Common Stock	$	41,844	$	8,062	$	7,141
Dividends on Class B Common Stock assumed converted to Common Stock	5,024		1,312		2,233
Common Stock undistributed earnings – diluted	361,507		420,784		180,206
Numerator for diluted net income per Common Stock share	$	408,375	$	430,158	$	189,580
Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	5,024	$	1,312	$	2,233
Class B Common Stock undistributed earnings – diluted	39,376		57,626		43,307
Numerator for diluted net income per Class B Common Stock share	$	44,400	$	58,938	$	45,540

	Fiscal Year
(in thousands, except per share data)	2023		2022		2021
Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – basic	8,369		8,117		7,141
Class B Common Stock weighted average shares outstanding – basic	1,005		1,257		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)	9,392		9,405		9,400
Class B Common Stock weighted average shares outstanding – diluted	1,023		1,288		2,259
Basic net income per share:
Common Stock	$	43.56	$	45.88	$	20.23
Class B Common Stock	$	43.56	$	45.93	$	20.23
Diluted net income per share:
Common Stock	$	43.48	$	45.74	$	20.17
Class B Common Stock	$	43.40	$	45.76	$	20.16

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 performance units 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.