Net Income per Share (Tables)

3 Months Ended

Mar. 30, 2019

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 30,		March 31,
	2019		2018
	(in thousands, except per share data)
Net income	$	23,694	$	9,310
Allocation of net income for basic:
Class A Common Stock	$	17,525	$	6,872
Class B Common Stock		5,942		2,380
Unvested participating shares		227		58
	$	23,694	$	9,310
Weighted average number of shares for basic:
Class A Common Stock		8,606		8,714
Class B Common Stock*		2,918		3,018
Unvested participating shares		111		73
		11,635		11,805
Net income per share for basic:
Class A Common Stock	$	2.04	$	0.79
Class B Common Stock	$	2.04	$	0.79

* Change in Class B Common Stock resulted from the conversion of 100,000 shares to Class A Common Stock on November 1, 2018 with the ending 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.

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 30, 2019						March 30, 2018
	Earnings to Common Shareholders		Common Shares		EPS		Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported—basic	$	17,525		8,606	$	2.04	$	6,872		8,714	$	0.79
Add: effect of dilutive potential common shares
Share-based awards		—		112				—		99
Class B Common Stock		5,942		2,918				2,380		3,018
Net effect of unvested participating shares		2		—				1		—
Net income per common share—diluted	$	23,469		11,636	$	2.02	$	9,253		11,831	$	0.78