Net Income per Share (Tables)

3 Months Ended

Mar. 27, 2021

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 27, 2021		March 28, 2020
	(in thousands, except per share data)
Net income	$	65,565	$	18,234
Allocation of net income for basic:
Class A Common Stock	$	53,628	$	14,136
Class B Common Stock		11,638		3,967
Unvested participating shares		299		131
	$	65,565	$	18,234
Weighted average number of shares for basic:
Class A Common Stock		10,037		9,425
Class B Common Stock*		2,178		2,645
Unvested participating shares		56		87
		12,271		12,157
Net income per share for basic:
Class A Common Stock	$	5.34	$	1.50
Class B Common Stock	$	5.34	$	1.50

*Change in Class B Common Stock resulted from the conversion of 215,000 shares to Class A Common Stock on May 6, 2020 and 130,000 shares to Class A Common Stock on November 3, 2020 with the ending number of shares reflecting the weighted average for the period.

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 for the thirteen weeks ended March 27, 2021 and for the thirteen weeks ended March 28, 2020:

	Thirteen weeks ended
	March 27, 2021						March 28, 2020
	Earnings to Common Shareholders		Common Shares		EPS		Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	53,628		10,037	$	5.34	$	14,136		9,425	$	1.50
Add: effect of dilutive potential common shares
Share-based awards		—		162				—		116
Class B Common Stock		11,638		2,178				3,967		2,645
Net effect of unvested participating shares	299			80				1		—
Net income per common share - diluted	$	65,565		12,457	$	5.26	$	18,104		12,186	$	1.49