Net Income per Share (Tables)

12 Months Ended

Dec. 28, 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:

	December 28, 2019		December 29, 2018		December 30, 2017
	(in thousands, except per share data)
Net Income	$	110,041	$	92,663	$	99,049
Allocation of net income for basic:
Class A Common Stock	$	82,474	$	68,080	$	73,114
Class B Common Stock		26,600		23,710		25,391
Unvested participating shares		967		873		544
	$	110,041	$	92,663	$	99,049
Weighted average number of shares for basic:
Class A Common Stock		8,908		8,620		8,933
Class B Common Stock*		2,873		3,002		3,102
Unvested participating shares		105		111		67
		11,886		11,733		12,102
Net income per share for basic:
Class A Common Stock	$	9.26	$	7.90	$	8.18
Class B Common Stock	$	9.26	$	7.90	$	8.18

* Change in Class B Common Stock resulted from the conversion of 100,000 shares to Class A Common Stock on March 7, 2017, 79,000 shares to Class A Common Stock on October 31, 2017, 100,000 shares to Class A Common Stock on November 1, 2018, 100,000 shares to Class A Common stock on August 8, 2019 and 145,000 shares to Class A Common stock on December 13, 2019 with the ending number of shares reflecting the weighted average for the period.

Computation of Earnings Per Share, Diluted

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, 2019
	Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	82,474		8,908	$	9.26
Add: effect of dilutive potential common shares
Share-based awards		—		127
Class B Common Stock		26,600		2,873
Net effect of unvested participating shares		10		—
Net income per common share - diluted	$	109,084		11,908		9.16

	Fifty-two weeks ended December 29, 2018
	Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	68,080		8,620	$	7.90
Add: effect of dilutive potential common shares
Share-based awards		—		112
Class B Common Stock		23,710		3,002
Net effect of unvested participating shares		8		—
Net income per common share - diluted	$	91,798		11,734	$	7.82

	Fifty-two weeks ended December 30, 2017
	Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	73,114		8,933	$	8.18
Add: effect of dilutive potential common shares
Share-based awards		—		145
Class B Common Stock		25,391		3,102
Net effect of unvested participating shares		7		—
Net income per common share - diluted	$	98,512		12,180	$	8.09