Net Income per Share

12 Months Ended

Dec. 28, 2013

Net Income per Share

P. 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 28, 2013 (52 weeks)		December 29, 2012 (52 weeks)		December 31, 2011 (53 weeks)
	(in thousands, except per share data)
Net income	$	70,392	$	59,467	$	66,059
Allocation of net income for basic:
Class A Common Stock	$	47,847	$	40,009	$	45,209
Class B Common Stock		22,035		18,913		20,850
Unvested participating shares		510		545		—
	$	70,392	$	59,467	$	66,059
Weighted average number of shares for basic:
Class A Common Stock		8,741		8,689		8,905
Class B Common Stock*		4,025		4,107		4,107
Unvested participating shares		93		118		—
		12,859		12,914		13,012
Net income per share for basic:
Class A Common Stock	$	5.47	$	4.60	$	5.08
Class B Common Stock	$	5.47	$	4.60	$	5.08

* Change in Class B Common Stock resulted from the conversion of 100,000 shares on March 25, 2013, 20,000 shares on November 8, 2013, and 25,000 shares on November 15, 2013 to Class A Common Stock, with the 52-week number of shares reflecting the weighted average for the period.

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 and using the two-class method for unvested participating shares:

	Fifty-two weeks ended December 28,  2013
	Earnings to Common   Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported – basic	$	47,847		8,741	$	5.47
Add: effect of dilutive potential common shares
Share-based awards		—		738
Class B Common Stock		22,035		4,025
Net effect of unvested participating shares		28		—
Net income per common share – diluted	$	69,910		13,504	$	5.18

	Fifty-two weeks ended December 29,  2012
	Earnings to Common   Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported – basic	$	40,009		8,689	$	4.60
Add: effect of dilutive potential common shares
Share-based awards		—		639
Class B Common Stock		18,913		4,107
Net effect of unvested participating shares		26		—
Net income per common share – diluted	$	58,948		13,435	$	4.39

	Fifty-three weeks ended December  31,2011
	Earnings to Common   Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported – basic	$	45,209		8,905	$	5.08
Add: effect of dilutive potential common shares
Share-based awards		—		729
Class B Common Stock		20,850		4,107
Net effect of unvested participating shares		—
Net income per common share – diluted	$	66,059		13,741	$	4.81

Basic net income per common share for each share of Class A Common Stock and Class B Common Stock is $5.47, $4.60 and $5.08 for the fiscal years 2013, 2012 and 2011, 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 15,000, 271,000 and 213,000 shares of Class A Common Stock were outstanding during fiscal 2013, 2012 and 2011, respectively, but not included in computing diluted income per share because their effects were anti-dilutive. Additionally, performance-based stock options to purchase 40,000, 60,000 and 65,000 shares of Class A Common Stock were outstanding during fiscal 2013, 2012 and 2011, respectively, but not included in computing dilutive income per share because the performance criteria of these stock options were not met as of December 28, 2013, December 29, 2012 and December 31, 2011, respectively. Furthermore, performance-based stock options to purchase 4,550 shares of Class A Common Stock were not included in computing diluted income per share because the performance criteria of these stock options were not met and the options were cancelled during the twelve months ended December 29, 2012, respectively.