| Computation of Earnings Per Share, Basic |
The following table sets forth the computation of basic net income
per share using the two-class method:
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Thirteen weeks
ended |
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Twenty-six weeks ended |
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June 28,
2014 |
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June 29,
2013 |
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June 28,
2014 |
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June 29,
2013 |
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(in thousands,
except per share data) |
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Net income
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$ |
25,428 |
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$ |
19,715 |
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$ |
33,743 |
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$ |
26,627 |
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Allocation of net income for basic:
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Class A Common Stock
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$ |
17,935 |
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$ |
13,431 |
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$ |
23,600 |
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$ |
18,053 |
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Class B Common Stock
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7,353 |
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6,141 |
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9,955 |
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8,378 |
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Unvested participating shares
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140 |
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143 |
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188 |
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196 |
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$ |
25,428 |
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$ |
19,715 |
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$ |
33,743 |
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$ |
26,627 |
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Weighted average number of shares for basic:
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Class A Common Stock
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9,196 |
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8,765 |
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9,097 |
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8,737 |
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Class B Common Stock*
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3,770 |
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4,007 |
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3,837 |
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4,055 |
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Unvested participating shares
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72 |
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94 |
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73 |
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95 |
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13,038 |
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12,866 |
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13,007 |
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12,887 |
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Net income per share for basic:
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Class A Common Stock
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$ |
1.95 |
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$ |
1.53 |
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$ |
2.59 |
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$ |
2.07 |
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Class B Common Stock
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$ |
1.95 |
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$ |
1.53 |
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$ |
2.59 |
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$ |
2.07 |
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| * |
Change in Class B Common Stock
resulted from the conversion of 135,000 shares to Class A
Common Stock on February 18, 2014 and 100,000 shares to
Class A Common Stock on May 7, 2014, with the 26-week
number of shares reflecting the weighted average for the
period. |
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| Computation of Earnings Per Share, Diluted |
The following table sets 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:
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Thirteen weeks ended June 28, 2014 |
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Thirteen weeks ended June 29, 2013 |
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Earnings to
Common
Shareholders |
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Common
Shares |
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EPS |
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Earnings to
Common
Shareholders |
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Common
Shares |
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EPS |
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(in thousands,
except per share data) |
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As reported - basic
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$ |
17,935 |
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9,196 |
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$ |
1.95 |
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$ |
13,431 |
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8,765 |
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$ |
1.53 |
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Add: effect of dilutive potential common shares
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Share-based awards
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— |
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520 |
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— |
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690 |
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Class B Common Stock
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7,353 |
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3,770 |
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6,141 |
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4,007 |
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Net effect of unvested participating shares
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5 |
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— |
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7 |
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— |
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Net income per common share - diluted
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$ |
25,293 |
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13,486 |
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$ |
1.88 |
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$ |
19,579 |
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13,462 |
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$ |
1.45 |
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Twenty-six weeks ended June 28, 2014 |
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Twenty-six weeks ended June 29, 2013 |
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Earnings to
Common
Shareholders |
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Common
Shares |
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EPS |
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Earnings to
Common
Shareholders |
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Common
Shares |
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EPS |
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(in thousands,
except per share data) |
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As reported - basic
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$ |
23,600 |
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9,097 |
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$ |
2.59 |
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$ |
18,053 |
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8,737 |
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$ |
2.07 |
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Add: effect of dilutive potential common shares
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Share-based awards
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— |
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527 |
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— |
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692 |
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Class B Common Stock
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9,955 |
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3,837 |
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8,378 |
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4,055 |
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Net effect of unvested participating shares
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7 |
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— |
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10 |
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— |
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Net income per common share - diluted
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$ |
33,562 |
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13,461 |
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$ |
2.49 |
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$ |
26,441 |
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13,484 |
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$ |
1.96 |
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