Net Income per Share (Tables)

3 Months Ended

Mar. 26, 2016

Computation of Earnings Per Share, Basic

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

	Thirteen weeks ended
		March 26, 2016		March 28, 2015
		(in thousands, except per share data)
Net Income	$	7,032	$	13,743
Allocation of net income for basic:
Class A Common Stock	$	5,149	$	9,934
Class B Common Stock		1,849		3,744
Unvested participating shares		34		65
	$	7,032	$	13,743
Weighted average number of shares for basic:
Class A Common Stock		9,375		9,598
Class B Common Stock*		3,367		3,617
Unvested participating shares		62		63
		12,804		13,278
Net income per share for basic:
Class A Common Stock	$	0.55	$	1.04
Class B Common Stock	$	0.55	$	1.04

* Change in Class B Common Stock resulted from the conversion of 150,000 shares to Class A Common Stock on May 6, 2015 and 100,000 shares to Class A Common Stock on October 26, 2015, with the thirteen-week number of shares reflecting the weighted average for the periods.

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:

	Thirteen weeks ended
	March 26, 2016						March 28, 2015
	Earnings to Common Shareholders		Common Shares		EPS		Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	5,149		9,375	$	0.55	$	9,934		9,598	$	1.04
Add: effect of dilutive potential common shares
Share-based awards		—		346				—		418
Class B Common Stock		1,849		3,367				3,744		3,617
Net effect of unvested participating shares		1		—				2		—
Net income per common share - diluted	$	6,999		13,088	$	0.53	$	13,680		13,633	$	1.00