21.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 Quarter				First Three Quarters
(in thousands, except per share data)	2018		2017		2018		2017
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income attributable to Coca-Cola Bottling Co. Consolidated	$	25,164	$	17,316	$	7,046	$	18,613
Less dividends:
Common Stock		1,787		1,785		5,357		5,356
Class B Common Stock		556		548		1,657		1,639
Total undistributed earnings	$	22,821	$	14,983	$	32	$	11,618

Common Stock undistributed earnings – basic	$	17,422	$	11,463		24	$	8,893
Class B Common Stock undistributed earnings – basic		5,399		3,520		8		2,725
Total undistributed earnings – basic	$	22,821	$	14,983	$	32	$	11,618

Common Stock undistributed earnings – diluted	$	17,327	$	11,414		24	$	8,855
Class B Common Stock undistributed earnings – diluted		5,494		3,569		8		2,763
Total undistributed earnings – diluted	$	22,821	$	14,983	$	32	$	11,618

Numerator for basic net income per Common Stock share:
Dividends on Common Stock	$	1,787	$	1,785	$	5,357	$	5,356
Common Stock undistributed earnings – basic		17,422		11,463		24		8,893
Numerator for basic net income per Common Stock share	$	19,209	$	13,248	$	5,381	$	14,249

Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	556	$	548	$	1,657	$	1,639
Class B Common Stock undistributed earnings – basic		5,399		3,520		8		2,725
Numerator for basic net income per Class B Common Stock share	$	5,955	$	4,068	$	1,665	$	4,364

Numerator for diluted net income per Common Stock share:
Dividends on Common Stock	$	1,787	$	1,785	$	5,357	$	5,356
Dividends on Class B Common Stock assumed converted to Common Stock		556		548		1,657		1,639
Common Stock undistributed earnings – diluted		22,821		14,983		32		11,618
Numerator for diluted net income per Common Stock share	$	25,164	$	17,316	$	7,046	$	18,613

Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	556	$	548	$	1,657	$	1,639
Class B Common Stock undistributed earnings – diluted		5,494		3,569		8		2,763
Numerator for diluted net income per Class B Common Stock share	$	6,050	$	4,117	$	1,665	$	4,402

	Third Quarter				First Three Quarters
(in thousands, except per share data)	2018		2017		2018		2017
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		7,141		7,141
Class B Common Stock weighted average shares outstanding – basic		2,213		2,193		2,208		2,188

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)		9,405		9,374		9,400		9,369
Class B Common Stock weighted average shares outstanding – diluted		2,264		2,233		2,259		2,228

Basic net income per share:
Common Stock	$	2.69	$	1.86	$	0.75	$	2.00
Class B Common Stock	$	2.69	$	1.86	$	0.75	$	2.00

Diluted net income per share:
Common Stock	$	2.69	$	1.85	$	0.75	$	1.99
Class B Common Stock	$	2.68	$	1.84	$	0.74	$	1.97

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)	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 Performance Unit Award Agreement.

(4)	The Company does not have anti-dilutive shares.