Net Income per Share

12 Months Ended

Dec. 30, 2023

Q. 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 30,		December 31,		December 25,
	2023		2022		2021
	(in thousands, except per share data)
Net Income	$	76,250	$	67,263	$	14,553
Allocation of net income for basic:
Class A Common Stock	$	63,216	$	55,812	$	11,995
Class B Common Stock		12,880		11,293		2,506
Unvested participating shares		154		158		52
	$	76,250	$	67,263	$	14,553
Weighted average number of shares for basic:
Class A Common Stock		10,150		10,221		10,121
Class B Common Stock*		2,068		2,068		2,115
Unvested participating shares		25		28		44
		12,243		12,317		12,280
Net income per share for basic:
Class A Common Stock	$	6.23	$	5.46	$	1.19
Class B Common Stock	$	6.23	$	5.46	$	1.19

*Changes in Class B Common Stock resulted from the conversion to Class A Common stock during fiscal 2022 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:


	Fiscal year ended December 30, 2023
	Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	63,216		10,150	$	6.23
Add: effect of dilutive potential common shares
Share-based awards		—		40
Class B Common Stock		12,880		2,068
Net effect of unvested participating shares		—		—
Net income per common share - diluted	$	76,096	$	12,258	$	6.21


	Fiscal year 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


	Fiscal year 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

Basic net income per common share for each share of Class A Common Stock and Class B Common Stock is $6.23, $5.46, and $1.19 for the fiscal years 2023, 2022, and 2021, 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 52,000, 17,000, and 17,000 shares of Class A Common Stock were outstanding during fiscal years 2023, 2022, and 2021, respectively, but not included in computing diluted income per share because their effects were anti-dilutive. Additionally, approximately 54,000, 1,000, and 1,000 performance awards were outstanding during fiscal years 2023, 2022, and 2021, respectively, 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.