Net Income per Share (Tables)

3 Months Ended

Apr. 01, 2017

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
	April 1,		March 26,
	2017		2016
	(in thousands, except per share data)
Net income	$	5,711	$	7,032
Allocation of net income for basic:
Class A Common Stock	$	4,227	$	5,149
Class B Common Stock		1,452		1,849
Unvested participating shares		32		34
	$	5,711	$	7,032
Weighted average number of shares for basic:
Class A Common Stock		9,230		9,375
Class B Common Stock*		3,170		3,367
Unvested participating shares		71		62
		12,471		12,804
Net income per share for basic:
Class A Common Stock	$	0.46	$	0.55
Class B Common Stock	$	0.46	$	0.55

* Change in Class B Common Stock resulted from the conversion of 100,000 shares to Class A Common Stock on March 7, 2017, 45,000 shares to Class A Common Stock on November 30, 2016 and 125,000 shares to Class A Common Stock on November 4, 2016, with the ending 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
	April 1, 2017						March 26, 2016
	Earnings to Common Shareholders		Common Shares		EPS		Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	4,227		9,230	$	0.46	$	5,149		9,375	$	0.55
Add: effect of dilutive potential common shares
Share-based awards		—		116				—		346
Class B Common Stock		1,452		3,170				1,849		3,367
Net effect of unvested participating shares		—		—				1		—
Net income per common share - diluted	$	5,679		12,516	$	0.45	$	6,999		13,088	$	0.53