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General (Tables)
9 Months Ended
Sep. 29, 2022
Accounting Policies [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table illustrates the computation of Common Stock basic and diluted net earnings (loss) per share and provides a reconciliation of the number of weighted-average basic and diluted shares outstanding:
13 Weeks Ended39 Weeks Ended
September 29, 2022September 30, 2021September 29, 2022September 30, 2021
Numerator:
Net earnings (loss) attributable to The Marcus Corporation$3,289 $1,759 $(2,653)$(49,737)
Denominator:
Denominator for basic EPS31,506 31,421 31,481 31,340 
Effect of dilutive employee stock options84 48 — — 
Effect of convertible notes9,112 — — — 
Denominator for diluted EPS40,702 31,469 31,481 31,340 
Net earnings (loss) per share - basic:
Common Stock$0.11 $0.06 $(0.09)$(1.66)
Class B Common Stock$0.10 $0.05 $(0.08)$(1.39)
Net earnings (loss) per share - diluted:
Common Stock$0.10 $0.06 $(0.09)$(1.66)
Class B Common Stock$0.10 $0.05 $(0.08)$(1.39)
Schedule of Stockholders Equity Activity impacting total shareholders’ equity attributable to The Marcus Corporation and noncontrolling interest for the 13 and 39 weeks ended September 29, 2022 and September 30, 2021 was as follows:
Common
Stock
Class B
Common
Stock
Capital
in Excess
of Par
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Shareholders’
Equity
Attributable
to The
Marcus
Corporation
Non-
controlling
Interest
Total
Equity
BALANCES AT DECEMBER 30, 2021
$24,345 $7,130 $145,656 $289,306 $(11,444)$(1,379)$453,614 $— $453,614 
Exercise of stock options— — (5)— — 31 26 — 26 
Purchase of treasury stock— — — — — (1,373)(1,373)— (1,373)
Savings and profit-sharing contribution56 — 900 — — — 956 — 956 
Reissuance of treasury stock— — — — — 
Issuance of non-vested stock78 — (236)— — 158 — — — 
Shared-based compensation— — 2,917 — — — 2,917 — 2,917 
Other— — (1)— — — — — 
Conversions of Class B Common Stock19 (19)— — — — — — — 
Comprehensive income (loss)— — — (14,902)531 — (14,371)— (14,371)
BALANCES AT MARCH 31, 2022$24,498 $7,111 $149,234 $274,403 $(10,913)$(2,555)$441,778 $— $441,778 
Exercise of stock options— — (16)— — 69 53 — 53 
Purchase of treasury stock— — — — — (104)(104)— (104)
Reissuance of treasury stock— — (2)— — — 
Issuance of non-vested stock— — (305)— — 305 — — — 
Shared-based compensation— — 1,655 — — — 1,655 — 1,655 
Other— — (1)— — — — — 
Comprehensive income— — — 8,960 384 — 9,344 — 9,344 
BALANCES AT JUNE 30, 2022$24,498 $7,111 $150,565 $283,364 $(10,529)$(2,276)$452,733 $— $452,733 
Cash dividends:
$0.045 per share Class B Common Stock
— — — (320)— — (320)— (320)
$0.05 per share Common Stock
— — — (1,220)— — (1,220)— (1,220)
Exercise of stock options— — (175)— — 988 813 — 813 
Purchase of treasury stock— — — — — (809)(809)— (809)
Reissuance of treasury stock— — (2)— — 20 18 — 18 
Issuance of non-vested stock— — (131)— — 131 — — — 
Shared-based compensation— — 2,464 — — — 2,464 — 2,464 
Comprehensive income — — — 3,289 260 — 3,549 — 3,549 
BALANCES AT SEPTEMBER 29, 2022
$24,498 $7,111 $152,721 $285,113 $(10,269)$(1,946)$457,228 $— $457,228 
Common
Stock
Class B
Common
Stock
Capital
in Excess
of Par
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Shareholders’
Equity
Attributable
to The
Marcus
Corporation
Non-
controlling
Interest
Total
Equity
BALANCES AT DECEMBER 31, 2020$23,264 $7,926 $153,529 $331,897 $(14,933)$(2,960)$498,723 $— $498,723 
Adoption of ASU No. 2020-06
— — (16,511)702 — — (15,809)— (15,809)
Exercise of stock options— — (659)— — 1,951 1,292 — 1,292 
Purchase of treasury stock— — — — — (1,181)(1,181)— (1,181)
Savings and profit-sharing contribution44 — 968 — — — 1,012 — 1,012 
Reissuance of treasury stock— — — — 10 12 — 12 
Issuance of non-vested stock221 — (367)— — 146 — — — 
Shared-based compensation— — 1,484 — — — 1,484 — 1,484 
Other— — — (1)— — — — 
Conversions of Class B Common Stock520 (520)— — — — — — — 
Comprehensive income (loss)— — — (28,130)452 — (27,678)— (27,678)
BALANCES AT APRIL 1, 2021$24,049 $7,406 $138,446 $304,468 $(14,481)$(2,033)$457,855 $— $457,855 
Exercise of stock options— — (40)— — 122 82 — 82 
Purchase of treasury stock— — — — — (73)(73)— (73)
Reissuance of treasury stock— — (1)— — — 
Issuance of non-vested stock18 — (157)— — 139 — — — 
Shared-based compensation— — 2,668 — — — 2,668 — 2,668 
Conversions of Class B Common Stock275 (275)— — — — — — — 
Comprehensive income (loss)— — — (23,366)356 — (23,010)— (23,010)
BALANCES AT JULY 1, 2021$24,342 $7,131 $140,916 $281,102 $(14,125)$(1,838)$437,528 $— $437,528 
Exercise of stock options— — (44)— — 125 81 — 81 
Purchase of treasury stock— — — — — (60)(60)— (60)
Reissuance of treasury stock— — 20 — — 106 126 — 126 
Forfeitures of non-vested stock(2)— (137)— — 139 — — — 
Shared-based compensation— — 2,521 — — — 2,521 — 2,521 
Comprehensive income — — — 1,759 351 — 2,110 — 2,110 
BALANCES AT SEPTEMBER 30, 2021
$24,340 $7,131 $143,276 $282,861 $(13,774)$(1,528)$442,306 $— $442,306 
Schedule of Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive loss presented in the accompanying consolidated balance sheets consists of the following, all presented net of tax:
September 29,
2022
December 30,
2021
Unrecognized gain (loss) on interest rate swap agreements$96 $(509)
Net unrecognized actuarial loss for pension obligation(10,365)$(10,935)
$(10,269)$(11,444)
Schedule of Defined Benefit Plan The components of the net periodic pension cost of the Company’s unfunded nonqualified, defined-benefit plan are as follows:
13 Weeks Ended39 Weeks Ended
September 29, 2022September 30, 2021September 29, 2022September 30, 2021
Service cost$263 $278 $791 $839 
Interest cost335 300 1,005 901 
Net amortization of prior service cost and actuarial loss258 331 772 986 
Net periodic pension cost$856 $909 $2,568 $2,726 
Schedule of Disaggregation of Revenue The disaggregation of revenues by business segment for the 13 and 39 weeks ended September 29, 2022 is as follows:
13 Weeks Ended September 29, 2022
TheatresHotels/Resorts CorporateTotal
Theatre admissions$49,424 $— $— $49,424 
Rooms— 36,924 — 36,924 
Theatre concessions44,715 — — 44,715 
Food and beverage— 21,444 — 21,444 
Other revenues(1)
7,119 14,963 92 22,174 
Cost reimbursements— 8,969 — 8,969 
Total revenues$101,258 $82,300 $92 $183,650 
39 Weeks Ended September 29, 2022
TheatresHotels/ResortsCorporateTotal
Theatre admissions$150,928 $— $— $150,928 
Rooms— 83,219 — 83,219 
Theatre concessions138,326 — — 138,326 
Food and beverage— 54,969 — 54,969 
Other revenues(1)
20,932 40,938 303 62,173 
Cost reimbursements— 24,832 — 24,832 
Total revenues$310,186 $203,958 $303 $514,447 
(1)Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers.
The disaggregation of revenues by business segment for the 13 and 39 weeks ended September 30, 2021 is as follows:
13 Weeks Ended September 30, 2021
TheatresHotels/ResortsCorporateTotal
Theatre admissions$38,250 $— $— $38,250 
Rooms— 30,917 — 30,917 
Theatre concessions35,952 — — 35,952 
Food and beverage— 16,731 — 16,731 
Other revenues(1)
5,793 13,272 63 19,128 
Cost reimbursements4,883 — 4,884 
Total revenues$79,996 $65,803 $63 $145,862 
39 Weeks Ended September 30, 2021
TheatresHotels/ResortsCorporateTotal
Theatre admissions$73,850 $— $— $73,850 
Rooms— 57,293 — 57,293 
Theatre concessions68,932 — — 68,932 
Food and beverage— 32,234 — 32,234 
Other revenues(1)
11,989 33,006 258 45,253 
Cost reimbursements88 11,546 — 11,634 
Total revenues$154,859 $134,079 $258 $289,196 
(1)Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers.