Net Income per Share

12 Months Ended

Dec. 31, 2022

R. Net Income per Share

Net Income per Common Share - Basic

The following table sets forth the computation of basic net income per share using the two-class method:


	December 31,		December 25,		December 26,
	2022		2021		2020
	(in thousands, except per share data)
Net Income	$	67,263	$	14,553	$	191,960
Allocation of net income for basic:
Class A Common Stock	$	55,812	$	11,995	$	153,106
Class B Common Stock		11,293		2,506		37,690
Unvested participating shares		158		52		1,164
	$	67,263	$	14,553	$	191,960
Weighted average number of shares for basic:
Class A Common Stock		10,221		10,121		9,734
Class B Common Stock*		2,068		2,115		2,396
Unvested participating shares		28		44		74
		12,317		12,280		12,204
Net income per share for basic:
Class A Common Stock	$	5.46	$	1.19	$	15.73
Class B Common Stock	$	5.46	$	1.19	$	15.73

*Changes in Class B Common Stock resulted from the conversion to Class A Common stock during fiscal 2022, 2021, and 2020 as disclosed in the Company's consolidated statements of stockholders' equity.

Net Income per Common Share - Diluted

The Company calculates diluted net income per share for common stock using the more dilutive of (1) the treasury stock method, or (2) the two-class method, which assumes the participating securities are not exercised or converted.

The following tables set forth the computation of diluted net income per share, assuming the conversion of all Class B Common Stock into Class A Common Stock:


	Fifty-three weeks ended December 31, 2022
	Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	55,812		10,221	$	5.46
Add: effect of dilutive potential common shares
Share-based awards		—		56
Class B Common Stock		11,293		2,068
Net effect of unvested participating shares		1		—
Net income per common share - diluted	$	67,106	$	12,345	$	5.44


	Fifty-two weeks ended December 25, 2021
	Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	11,995		10,121	$	1.19
Add: effect of dilutive potential common shares
Share-based awards		—		138
Class B Common Stock		2,506		2,115
Net effect of unvested participating shares		52		62
Net income per common share - diluted	$	14,553		12,436	$	1.17


	Fifty-two weeks ended December 26, 2020
	Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	153,106		9,734	$	15.73
Add: effect of dilutive potential common shares
Share-based awards		—		153
Class B Common Stock		37,690		2,396
Net effect of unvested participating shares		14		—
Net income per common share - diluted	$	190,810		12,283	$	15.53

Basic net income per common share for each share of Class A Common Stock and Class B Common Stock is $5.46, $1.19, and $15.73 for the fiscal years 2022, 2021, and 2020, respectively, as each share of Class A and Class B participates equally in earnings. Shares of Class B are convertible at any time into shares of Class A on a one-for-one basis at the option of the stockholder.

Weighted average stock options to purchase approximately 17,000 shares of Class A Common Stock were outstanding during fiscal 2022 and 2021 but not included in computing diluted income per share because their effects were anti-dilutive. No stock options were excluded during fiscal 2020. Additionally, approximately 1,000 performance awards during fiscal 2022 and fiscal 2021 were outstanding but not included in computing dilutive income per share because the performance criteria of these stock options were not met at the respective fiscal year ends. No performance awards or performance-based stock options were excluded during fiscal 2020.