Net Income per Share (Tables)

6 Months Ended

Jun. 26, 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				Twenty-six weeks ended
	June 26, 2021		June 27, 2020		June 26, 2021		June 27, 2020
	(in thousands, except per share data)				(in thousands, except per share data)
Net income	$	59,195	$	60,141	$	124,760	$	78,375
Allocation of net income for basic:
Class A Common Stock	$	48,710	$	47,930	$	102,354	$	61,612
Class B Common Stock		10,268		11,836		21,893		16,237
Unvested participating shares		217		375		513		526
	$	59,195	$	60,141	$	124,760	$	78,375
Weighted average number of shares for basic:
Class A Common Stock		10,108		9,720		10,072		9,572
Class B Common Stock*		2,131		2,400		2,155		2,523
Unvested participating shares		44		76		50		82
		12,283		12,196		12,277		12,177
Net income per share for basic:
Class A Common Stock	$	4.82	$	4.93		10.16	$	6.44
Class B Common Stock	$	4.82	$	4.93	$	10.16	$	6.44

*Change in Class B Common Stock resulted from the conversion of 130,000 shares to Class A Common Stock on November 3, 2020 and 99,983 shares to Class A Common Stock on May 14, 2021 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 and twenty-six weeks ended June 26, 2021 and for the thirteen and twenty six weeks ended June 27, 2020:

	Thirteen weeks ended
	June 26, 2021						June 27, 2020
	Earnings to Common Shareholders		Common Shares		EPS		Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	48,710		10,108	$	4.82	$	47,930		9,720	$	4.93
Add: effect of dilutive potential common shares
Share-based awards		—		160				—		138
Class B Common Stock		10,268		2,131				11,836		2,400
Net effect of unvested participating shares		217		66				4		—
Net income per common share - diluted	$	59,195		12,465	$	4.75	$	59,770		12,258	$	4.88


	Twenty-six weeks ended
	June 26, 2021						June 27, 2020
	Earnings to Common Shareholders		Common Shares		EPS		Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	102,354		10,072	$	10.16	$	61,612		9,572	$	6.44
Add: effect of dilutive potential common shares
Share-based awards		—		161				—		126
Class B Common Stock		21,893		2,155				16,237		2,523
Net effect of unvested participating shares	513			73				5		—
Net income per common share - diluted	$	124,760		12,461	$	10.01	$	77,854		12,221	$	6.37