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General (Tables)

9 Months Ended

Sep. 30, 2021

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		13 Weeks		39 Weeks		39 Weeks
	Ended		Ended		Ended		Ended
	September 30, 2021		September 24, 2020		September 30, 2021		September 24, 2020

	(in thousands, except per share data)
Numerator:
Net earnings (loss) attributable to The Marcus Corporation	$	1,759	$	(39,440)	$	(49,737)	$	(85,821)
Denominator:
Denominator for basic EPS		31,421		31,064		31,340		31,033
Effect of dilutive employee stock options		48		—		—		—
Effect of convertible notes		—		—		—		—
Denominator for diluted EPS		31,469		31,064		31,340		31,033
Net earnings (loss) per share - basic:
Common Stock	$	0.06	$	(1.30)	$	(1.66)	$	(2.84)
Class B Common Stock	$	0.05	$	(1.18)	$	(1.39)	$	(2.57)
Net earnings (loss) per share - diluted:
Common Stock	$	0.06	$	(1.30)	$	(1.66)	$	(2.84)
Class B Common Stock	$	0.05	$	(1.18)	$	(1.39)	$	(2.57)

Schedule of Stockholders Equity


													Shareholders’
													Equity
									Accumulated				Attributable
			Class B		Capital				Other				to The		Non-
	Common		Common		in Excess		Retained		Comprehensive		Treasury		Marcus		controlling		Total
	Stock		Stock		of Par		Earnings		Loss		Stock		Corporation		Interests		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 (see Note 4)		—		—		(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 contribution		44		—		968		—		—		—		1,012		—		1,012
Reissuance of treasury stock		—		—		2		—		—		10		12		—		12
Issuance of non-vested stock		221		—		(367)		—		—		146		—		—		—
Shared-based compensation		—		—		1,484		—		—		—		1,484		—		1,484
Other		—		—		—		(1)		—		1		—		—		—
Conversions of Class B Common Stock		520		(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)		—		—		7		6		—		6
Issuance of non-vested stock		18		—		(157)		—		—		139		—		—		—
Shared-based compensation		—		—		2,668		—		—		—		2,668		—		2,668
Conversions of Class B Common Stock		275		(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


													Shareholders’
													Equity
									Accumulated				Attributable
			Class B		Capital				Other				to The		Non-
	Common		Common		in Excess		Retained		Comprehensive		Treasury		Marcus		controlling		Total
	Stock		Stock		of Par		Earnings		Loss		Stock		Corporation		Interests		Equity
BALANCES AT DECEMBER 26, 2019	$	23,254	$	7,936	$	145,549	$	461,884	$	(12,648)	$	(4,540)	$	621,435	$	23	$	621,458
Cash Dividends:
$.15 Class B Common Stock		—		—		—		(1,224)		—		—		(1,224)		—		(1,224)
$.16 Common Stock		—		—		—		(3,921)		—		—		(3,921)		—		(3,921)
Exercise of stock options		—		—		5		—		—		40		45		—		45
Purchase of treasury stock		—		—		—		—		—		(274)		(274)		—		(274)
Savings and profit-sharing contribution		—		—		299		—		—		1,016		1,315		—		1,315
Reissuance of treasury stock		—		—		2		—		—		46		48		—		48
Issuance of non-vested stock		—		—		(149)		—		—		149		—		—		—
Shared-based compensation		—		—		988		—		—		—		988		—		988
Conversions of Class B Common Stock		10		(10)		—		—		—		—		—		—		—
Comprehensive loss		—		—		—		(19,352)		(547)		—		(19,899)		(148)		(20,047)
BALANCES AT MARCH 26, 2020	$	23,264	$	7,926	$	146,694	$	437,387	$	(13,195)	$	(3,563)	$	598,513	$	(125)	$	598,388
Exercise of stock options		—		—		(4)		—		—		15		11		—		11
Reissuance of treasury stock		—		—		(17)		—		—		112		95		—		95
Issuance of non-vested stock		—		—		(172)		—		—		172		—		—		—
Shared-based compensation		—		—		1,190		—		—		—		1,190		—		1,190
Other		—		—		(1)		1		—		—		—		—		—
Comprehensive income (loss)		—		—		—		(27,029)		200		—		(26,829)		125		(26,704)
BALANCES AT JUNE 25, 2020	$	23,264	$	7,926	$	147,690	$	410,359	$	(12,995)	$	(3,264)	$	572,980	$	—	$	572,980
Exercise of stock options		—		—		(68)		—		—		391		323		—		323
Purchase of treasury stock		—		—		—		—		—		(422)		(422)		—		(422)
Reissuance of treasury stock		—		—		(1)		—		—		12		11		—		11
Issuance of non-vested stock		—		—		(158)		—		—		158		—		—		—
Shared-based compensation		—		—		1,108		—		—		—		1,108		—		1,108
Equity component of issuance of convertible notes, net of tax and issuance costs		—		—		16,522		—		—		—		16,522		—		16,522
Capped call transactions, net of tax		—		—		(12,495)		—		—		—		(12,495)		—		(12,495)
Comprehensive income (loss)		—		—		—		(39,440)		381		—		(39,059)		—		(39,059)
BALANCES AT SEPTEMBER 24, 2020	$	23,264	$	7,926	$	152,598	$	370,919	$	(12,614)	$	(3,125)	$	538,968	$	—	$	538,968

Schedule of Accumulated Other Comprehensive Income (Loss)


	September 30,		December 31,
	2021		2020

	(in thousands)
Unrecognized loss on interest rate swap agreements	$	(654)	$	(1,086)
Net unrecognized actuarial loss for pension obligation		(13,120)		(13,847)
	$	(13,774)	$	(14,933)

Schedule of Defined Benefit Plan


	13 Weeks		13 Weeks		39 Weeks		39 Weeks
	Ended		Ended		Ended		Ended
	September 30, 2021		September 24, 2020		September 30, 2021		September 24, 2020

	(in thousands)
Service cost	$	278	$	274	$	839	$	821
Interest cost		300		342		901		1,028
Net amortization of prior service cost and actuarial loss		331		248		986		743
Net periodic pension cost	$	909	$	864	$	2,726	$	2,592

Schedule of Disaggregation of Revenue


	13 Weeks Ended September 30, 2021
	Reportable Segment
	Theatres		Hotels/Resorts		Corporate		Total
Theatre admissions	$	38,250	$	—	$	—	$	38,250
Rooms		—		30,917		—		30,917
Theatre concessions		35,952		—		—		35,952
Food and beverage		—		16,731		—		16,731
Other revenues⁽¹⁾		5,793		13,272		63		19,128
Cost reimbursements		1		4,883		—		4,884
Total revenues	$	79,996	$	65,803	$	63	$	145,862


	39 Weeks Ended September 30, 2021
	Reportable Segment
	Theatres		Hotels/Resorts		Corporate		Total
Theatre admissions	$	73,850	$	—	$	—	$	73,850
Rooms		—		57,293		—		57,293
Theatre concessions		68,932		—		—		68,932
Food and beverage		—		32,234		—		32,234
Other revenues⁽¹⁾		11,989		33,006		258		45,253
Cost reimbursements		88		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.

The disaggregation of revenues by business segment for the 13 and 39 weeks ended September 24, 2020 is as follows (in thousands):


	13 Weeks Ended September 24, 2020
	Reportable Segment
	Theatres		Hotels/Resorts		Corporate		Total
Theatre admissions	$	3,118	$	—	$	—	$	3,118
Rooms		—		9,772		—		9,772
Theatre concessions		3,243		—		—		3,243
Food and beverage		—		5,420		—		5,420
Other revenues⁽¹⁾		934		7,820		59		8,813
Cost reimbursements		59		3,166		—		3,225
Total revenues	$	7,354	$	26,178	$	59	$	33,591


	39 Weeks Ended September 24, 2020
	Reportable Segment
	Theatres		Hotels/Resorts		Corporate		Total
Theatre admissions	$	58,667	$	—	$	—	$	58,667
Rooms		—		27,618		—		27,618
Theatre concessions		50,277		—		—		50,277
Food and beverage		—		19,620		—		19,620
Other revenues⁽¹⁾		9,194		21,375		317		30,886
Cost reimbursements		276		13,640		—		13,916
Total revenues	$	118,414	$	82,253	$	317	$	200,984

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