General (Tables)

6 Months Ended

Jun. 29, 2023

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 Ended				26 Weeks Ended
	June 29, 2023		June 30, 2022		June 29, 2023		June 30, 2022

Numerator:
Net earnings (loss)	$	13,466	$	8,960	$	4,000	$	(5,942)
Denominator (in thousands):
Denominator for basic EPS	31,673		31,492		31,622		31,469
Effect of dilutive employee stock options	61		40		52		—
Effect of convertible notes	9,201		9,085		—		—
Denominator for diluted EPS	40,935		40,617		31,674		31,469
Net earnings (loss) per share - basic:
Common Stock	$	0.43	$	0.29	$	0.13	$	(0.19)
Class B Common Stock	$	0.39	$	0.26	$	0.12	$	(0.18)
Net earnings (loss) per share - diluted:
Common Stock	$	0.35	$	0.24	$	0.13	$	(0.19)
Class B Common Stock	$	0.34	$	0.23	$	0.12	$	(0.18)

Schedule of Stockholders Equity

Activity impacting total shareholders’ equity attributable to The Marcus Corporation and noncontrolling interest for the 13 and 26 weeks ended June 29, 2023 and June 30, 2022 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 29, 2022	$	24,498	$	7,111	$	153,794	$	274,254	$	(1,694)	$	(1,866)	$	456,097	$	824	$	456,921
Cash dividends:
$0.045 per share Class B Common Stock	—		—		—		(319)		—		—		(319)		—		(319)
$0.05 per share Common Stock	—		—		—		(1,229)		—		—		(1,229)		—		(1,229)
Exercise of stock options	—		—		(1)		—		—		3		2		—		2
Purchase of treasury stock	—		—		—		—		—		(313)		(313)		—		(313)
Savings and profit-sharing contribution	79		—		1,180		—		—		—		1,259		—		1,259
Reissuance of treasury stock	—		—		(3)		—		—		24		21		—		21
Issuance of non-vested stock	82		—		(143)		—		—		61		—		—		—
Shared-based compensation	—		—		2,172		—		—		—		2,172		—		2,172
Other	—		—		1		(1)		—		—		—		—		—
Conversions of Class B Common Stock	33		(33)		—		—		—		—		—		—		—
Distribution to noncontrolling interest	—		—		—		—		—		—		—		(550)		(550)
Comprehensive loss	—		—		—		(9,466)		(91)		—		(9,557)		—		(9,557)
BALANCES AT MARCH 30, 2023	$	24,692	$	7,078	$	157,000	$	263,239	$	(1,785)	$	(2,091)	$	448,133	$	274	$	448,407
Cash dividends:
$0.045 per share Class B Common Stock	—		—		—		(319)		—		—		(319)		—		(319)
$0.05 per share Common Stock	—		—		—		(1,230)		—		—		(1,230)		—		(1,230)
Exercise of stock options	—		—		(25)		—		—		121		96		—		96
Purchase of treasury stock	—		—		—		—		—		(226)		(226)		—		(226)
Reissuance of treasury stock	—		—		(204)		—		—		223		19		—		19
Issuance of non-vested stock	—		—		(55)		—		—		55		—		—		—
Shared-based compensation	—		—		1,515		—		—		—		1,515		—		1,515
Other	—		—		—		1		—		(1)		—		—		—
Distribution to noncontrolling interest	—		—		—		—		—		—		—		(274)		(274)
Comprehensive income (loss)	—		—		—		13,466		(12)		—		13,454		—		13,454
BALANCES AT JUNE 29, 2023	$	24,692	$	7,078	$	158,231	$	275,157	$	(1,797)	$	(1,919)	$	461,442	$	—	$	461,442


	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 contribution	56		—		900		—		—		—		956		—		956
Reissuance of treasury stock	—		—		1		—		—		8		9		—		9
Issuance of non-vested stock	78		—		(236)		—		—		158		—		—		—
Shared-based compensation	—		—		2,917		—		—		—		2,917		—		2,917
Other	—		—		1		(1)		—		—		—		—		—
Conversions of Class B Common Stock	19		(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)		—		—		9		7		—		7
Issuance of non-vested stock	—		—		(305)		—		—		305		—		—		—
Shared-based compensation	—		—		1,655		—		—		—		1,655		—		1,655

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

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:


	June 29, 2023		December 29, 2022

Unrecognized gain on interest rate swap agreements	$	—	$	80
Net unrecognized actuarial loss for pension obligation	(1,797)		$	(1,774)
	$	(1,797)	$	(1,694)

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 Ended				26 Weeks Ended
	June 29, 2023		June 30, 2022		June 29, 2023		June 30, 2022

Service cost	$	122	$	264	$	244	$	528
Interest cost	452		335		905		670
Net amortization of prior service cost and actuarial loss	(16)		257		(32)		514
Net periodic pension cost	$	558	$	856	$	1,117	$	1,712

Schedule of Disaggregation of Revenue

The disaggregation of revenues by business segment for the 13 and 26 weeks ended June 29, 2023 is as follows:


	13 Weeks Ended June 29, 2023
	Theatres		Hotels/Resorts		Corporate		Total
Theatre admissions	$	68,987	$	—	$	—	$	68,987
Rooms	—		28,646		—		28,646
Theatre concessions	59,707		—		—		59,707
Food and beverage	—		18,573		—		18,573
Other revenues(1)	8,156		13,181		91		21,428
Cost reimbursements	—		9,666		—		9,666
Total revenues	$	136,850	$	70,066	$	91	$	207,007


	26 Weeks Ended June 29, 2023
	Theatres		Hotels/Resorts		Corporate		Total
Theatre admissions	$	116,622	$	—	$	—	$	116,622
Rooms	—		46,503		—		$	46,503
Theatre concessions	102,082		—		—		$	102,082
Food and beverage	—		33,766		—		$	33,766
Other revenues(1)	14,522		26,414		180		$	41,116
Cost reimbursements	—		19,194		—		$	19,194
Total revenues	$	233,226	$	125,877	$	180	$	359,283

(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 26 weeks ended June 30, 2022 is as follows:


	13 Weeks Ended June 30, 2022
	Theatres		Hotels/Resorts		Corporate		Total
Theatre admissions	$	63,087	$	—	$	—	$	63,087
Rooms	—		28,865		—		28,865
Theatre concessions	58,147		—		—		58,147
Food and beverage	—		19,014		—		19,014
Other revenues(1)	8,203		12,872		117		21,192
Cost reimbursements	—		8,250		—		8,250
Total revenues	$	129,437	$	69,001	$	117	$	198,555


	26 Weeks Ended June 30, 2022
	Theatres		Hotels/Resorts		Corporate		Total
Theatre admissions	$	101,504	$	—	$	—	$	101,504
Rooms	—		46,295		—		46,295
Theatre concessions	93,611		—		—		93,611
Food and beverage	—		33,525		—		33,525
Other revenues(1)	13,813		25,975		211		39,999
Cost reimbursements	—		15,863		—		15,863
Total revenues	$	208,928	$	121,658	$	211	$	330,797

(1)Included in other revenues is an immaterial amount related to rental income that is not considered revenue from contracts with customers.